The Federal Capital Territory Internal Revenue Service (FCT-IRS) said organisations, employers of labour or Ministries Departments and Agencies (MDAs) that fail to file their annual tax returns on or before January 31, 2022 will pay N500,000 and above as penalty.
The Director of Tax Operations, Mr Malik Tukur, revealed this when he led top management team and staff during the Service’s second day sensitisation road walk show from Connoil Filling station Jabi-Utako in Abuja.
The Director further hinted that those of the individuals who failed to file their tax returns on or before March 31, 2022 will attract the fine of N50,000.
He warned that FCT-IRS might be left with no choice but to begin the enforcement of the tax laws on defaulters.
Mr Malik, who emphasised that taxation was essential for the running of government, said filing of annual returns enhances transparency and accountability.
“The employers have the mandate by law to deduct employees’ tax from sources and remit same to government. This area of remittance is where accountability is lacking. For instance, when all employees file their personal income tax return, it will bring accountability and transparency. Come and file annual returns does not mean come and pay tax. Just file your annual returns, you pay tax only when you make profit or earning income,” Tukur said.
According to Mr Tukur, it costs government huge resources to put infrastructure in place as well as the maintenance.
He, therefore, encouraged all tax payers, particularly FCT residents, to embrace the culture of paying taxes, especially now that the revenue from the nation’s crude oil could no longer cater for the yearnings of the citizenry.