The Head of Tax Audit of Kwara State Internal Revenue Service, Kabiru Rufai and his team Funmilayo Akin-Jacobs and Yetunde Elegboja dwelt on the fundamentals of Annual Tax Returns and Tax Audit on the Service radio advocacy program “My Tax and I”.
Did You Know?
Annual Tax Returns are documents submitted by employers of Labour containing the income of the employees, taxes deducted and remitted for the preceding year, which must be filed on or before 31st January of every year.
All employers of Labour are eligible to file Annual Tax Returns.
The law backing filing of Annual Tax Returns is Section 81, Personal Income Tax Act Cap P8 LFN 2011.
The procedure for filing of Annual Tax returns are
i. Visit the official website of KW-IRS www.kw-irs.com/annualreturns to download, fill and upload the completed Annual Returns forms.
ii. Send the completed hard copies of all uploaded forms to KW-IRS Corporate Head Office on 27, Ahmadu Bello way GRA, Ilorin on or before 31st January of every year.
The documents required to file an Annual Tax returns include:
i. PAYE Annual Returns showing the income of the employees, taxes deducted and remitted in the preceding year.
ii. Nominal Roll of the organization.
iii. WHT Annual Returns.
iv. Remittance Summary showing the monthly remittances and reference number on the receipt.
v. Photocopies of Automated Revenue receipts on PAYE, WHT and Development Levies.
vi. Expatriate quota (if applicable).
vii. Immigration returns of expatriates (if applicable)
The penalty for failure to file Annual Tax Returns is N500, 000.00 in the case of a corporate body, and N50, 000.00 in the case of an individual.
The website to visit for e-filing of annual returns is www.kw-irs.com/annualreturns.
Tax Audit is the independent examination of the periodic return (documents) submitted by a taxpayer to Internal Revenue Service (IRS), with a view to ascertain the level of its compliance to relevant tax laws and regulations.
The aim of Tax Audit is to maximize revenue by ensuring that tax payers pay the correct tax as and when due and as the laws stipulate.
To curb the problem of tax avoidance, Tax Audit and Investigation are required.
A company or individual would be tax audited if the Revenue Service is of the opinion that the level of compliance with the PAYE and other statutory deductions are in doubt and to ensure arithmetical accuracy of all figures in the account.
Tax audit is to ensure every taxable person and company are brought to tax net as well and for ease of information gathering.
Tax Authorities record huge revenue increase from Tax Audit exercises, and continues with the exercise in order to block revenue leakages, and as a means to shore up IGR for the State.
All revenue payments are to be made into the Kwara State Government IGR Accounts through the online payment platforms provided by the State- REMITA, QUICKTELLER, PAYARENA and others to be communicated in due course.
KW-IRS COMMUNCATION CHANNELS are:
i. Website: www.kw-irs.com
ii. Customer Care line: 07006959477
iii. Email: helpdesk@kw-irs.com
iv. Facebook: @KwaraIRS
v. Twitter: @KwaraIRS
vi. Instagram: @kwirs
For any enquiry or tax related issues you can visit the Corporate Head Office of KW-IRS on 27, Ahmadu Bello way, GRA, Ilorin or any of their offices within Ilorin metropolis and in all Local Government Areas across Kwara State.
Signed
Corporate Affairs Department, KW-IRS
23/09/2021