Nigeria Business & Finance Updates

Tax compliance in Nigeria laborious – Taxaide boss

The Chief Executive Officer Taxaide,  Bidemi Olumide, has said that the process of collecting, computing and paying tax in Nigeria is cumbersome. He noted that, the process will make tax compliance in the country unnecessarily laborious and discouraging .

A leading tax management and technology firm Taxaide has, ahead of the March 30 deadline for Personal Income Tax (PIT) returns, unveiled technological tools aimed at enhancing a more effective tax administration for Nigerians and tax authorities.

Speaking at a media parley recently, Olumide, said the firm, through its technology development subsidiary, Taxtech, produced PITApp® to serve as an aggregator of all PIT obligations and urged all taxable Nigerians to ensure that they meet their PIT obligations before the deadline.

According to him, “The 2020 PIT filing season is upon Nigerians and the law requires every taxable person to file their tax returns with the designated revenue agency of the state where they are resident in Nigeria.

“The deadline for doing this in the leap year 2020 is March 30 and, as part of our work in building a more effective tax management system, we have built the PITApp to simplify the PIT returns filing and remittance process for Nigeria tax residents.”

PIT returns are currently fileable with the designated revenue agency of each of the 36 States in Nigeria and the Federal Capital Territory, Abuja. The failure by a taxable person to file his or her PIT returns is a punishable offence with fines, and imprisonment where the fines are not paid.

Chief Technology Officer of Taxtech, Onatoye Onakomaiya, said PITApp is both a web-based and mobile application service available at www.pitapp.taxit.com.ng and on TBook® (iOS and Google Play Store), the firm’s flagship mobile application. “The app is designed to make life easier for Nigerian taxpayers; especially in an increasingly technologically-driven world,” he said. “PITApp saves you time and money by reducing resources that would have been spent on undertaking these tasks manually.”

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