The Oyo State Government has said that January 31, 2024, is the deadline for filing the year 2023 annual tax returns by corporate employers of labour.
The government also said individual employers of labour have the 31st of March 2024, as deadline.
The annual tax returns require every taxpayer to state the turnover of each business and salaries deducted, also the tax remitted to the Oyo State government through the Board of Internal Revenue in the previous year.
The Executive Chairman, Oyo State Internal Revenue Service, Mr. Adebowale Olufemi Awakan made this known to newsmen in his office.
“The returns MUST be made by 31st January of the year for corporate bodies while individual business owners must file, latest 31st of March, 2024”, he said.
He noted that filing of annual tax returns is pursuant to the provision of Section 81(2) of the Personal Income Tax Act Cap P8 LFN 2004, as amended, (hereafter referred to as PITA), which states that:
“Every employer shall be required to file a return with the relevant tax authority of all employments paid to its employees, not later than 31st January of every year in respect of all employees in its employment in the preceding year”.
Mr. Awakan stated further that this is a law which all employers of labour must obey by collecting the PAYEs of their employees and remitting the same to the government.
He warned that non-compliance attracts penalties, including a fine of Five Hundred Thousand Naira, (500,000.00) for Corporate bodies and legal liability for the owners and principal officers of such entities, and a fine of Twenty Five Thousand Naira, (25,000.00) for individuals, and also N5,000.00 for every month the returns is not rendered. In addition, business owners and Directors may be denied Tax Clearance Certificate of their business and employees if they are in default of the remittance of annual tax returns.
All returns are to be filed online via the self-service platform. Kindly log on to https://www.selfservice.oyostatebir.com to upload the returns and for any other interaction with the Oyo State Internal Revenue Service. You can call 09034423126, 07012990552.
