ADVERTISEMENT
  • About
  • Advertise
  • Careers
  • Contact Us
Saturday, August 2, 2025
  • Login
No Result
View All Result
NEWSLETTER
Tech | Business | Economy
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
ADVERTISEMENT
Home Economy Finance

FIRS: Due Dates for PAYE, VAT, WHT Fillings

by Adetunji Tobi
May 10, 2024
in Finance
0
ESIRS, Tax Filing for PAYE, VAT, WHT CIT - gettyimages
Tax Filing (IMAGE CREDIT: gettyimages)

Tax Filing (IMAGE CREDIT: gettyimages)

UBA
Advertisements

The Federal Inland Revenue Service (FIRS), took to the social media its official social media page, have revealed important Tax filling due dates every Nigerian must work with in May 2024.

According to the Tax Umpire, the dates are; 10th of May,2024, Due date for remitting Pay As You Earn (PAYE), 21st of May,2024, Due date for Value Added Tax (VAT) and Withholding Tax (WHT) return respectively.

According to investopedia, Pay As You Earn (PAYE), refers to either a system of income tax withholding by employers or income-based system for student loan repayments.

In the context of taxes, Pay As You Earn, requires employers to deduct income tax-and in some cases the employee portion of social insurance benefit taxes form each paycheck delivered to employees as form of advance payment on tax due.

Meanwhile, the standard VAT rate is 7.5% (increased from 5% on 1 February 2020) and  Zero-rated items include goods and services purchased by diplomats and goods purchased for use in humanitarian donor-funded projects.

Exempt items include plants and machinery for use in export processing zones (EPZs) or free trade zones (FTZs), basic food items (based on a specific list), medical products and services, pharmaceutical products, books and educational materials, and exported services.

In Nigeria, Companies such as; MTN, Airtel, government agencies, banks, and oil and gas companies are required to deduct at source VAT charged by their suppliers and remit it to the tax authority.

All other organizations are required to collect VAT charged on their invoices from their customers for filing and payment to the tax authority.

The Finance Act 2019, has introduced a reverse-charge mechanism for services from which no tax invoice was received. VAT returns are filed on a cash basis.

MTN ADS

The FIRS has implemented a platform for auto tracking and remittance of VAT known as FIRS VAT-Collect. Some of the users of the system are domestic airlines (for instant remittance of VAT on their ticket sales) and other retailers.

Non-resident digital companies (as appointed by the tax authorities) rendering services to Nigerian customers are required to charge, collect VAT, and remit to the FIRS in the currency of transaction.

FIRS, also noted that 31st of May, 2024, is the Due date for companies income Tax (CIT),  for October 2023 accounting year end, Tertiary Education Tax (TET) & National  information Technology Development Levy (NITDL).

In Nigeria, the CIT rate is 30% for large companies (i.e. companies with gross turnover greater than 100 million Nigerian naira [NGN]), assessed on a preceding year basis (i.e. tax is charged on profits for the accounting year ending in the year preceding assessment).

Investment income paid by a Nigerian resident to a non-resident is sourced in Nigeria and subject to withholding tax (WHT) at source, which serves as the final tax.

In respect of business profits, a non-resident company (which is not tax resident in a treaty country) that has a fixed base or a permanent establishment (PE), in Nigeria is taxable on the profits attributable to that fixed base. Non-resident digital companies (which are not tax resident in a treaty country) that have a significant economic presence (SEP) will be subject to income tax in Nigeria on profit attributable to the taxable presence in Nigeria.

[Featured Image Credit]

Loading

MTN ADS

Author

  • Adetunji Tobi
    Adetunji Tobi

    Tobi Adetunji is a Business Reporter with Techeconomy. Contact: adetunji.tobi@techeconomy.ng

    View all posts
0Shares

MTN ADS
Tags: CITFIRSPAYEWHT
Adetunji Tobi

Adetunji Tobi

Tobi Adetunji is a Business Reporter with Techeconomy. Contact: adetunji.tobi@techeconomy.ng

Next Post
Babatunde Adegbite writes on AI Startups in Nigeria

The AI Goldrush: Will Nigeria Be a Buyer or a Builder? - By Babatunde Adegbite

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recommended

Ajegunle Legacy Project

Paradigm Initiative Announces Ajegunle Legacy Project and Scholarship Winners

1 year ago
Visa restrictions

UAE Official Debunks Reversal of Visa Restrictions Ban for Nigerians

2 years ago

Popular News

  • MTN Nigeria Data Subscribers SMS Music

    MTN Nigeria Gains 3.8 Million New Subscribers, Surpasses 84.7 Million Users in H1 2025

    0 shares
    Share 0 Tweet 0
  • PalmPay Leads the Fight Against Fraud as Nigeria Loses Over ₦42 Billion in Q2 2024

    0 shares
    Share 0 Tweet 0
  • Product Marketing vs Digital Marketing, Is There a Difference?

    0 shares
    Share 0 Tweet 0
  • AI Educator Celestine Achi Conferred Doctoral Fellow by AIMFIN

    0 shares
    Share 0 Tweet 0
  • Qatar’s Baladna to Establish Multi-Million Dollar Factory in Ogun State

    0 shares
    Share 0 Tweet 0

Connect with us

  • About
  • Advertise
  • Careers
  • Contact Us

© 2025 TECHECONOMY.

No Result
View All Result
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs

© 2025 TECHECONOMY.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Translate »
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.