Data obtained from the Central Bank of Nigeria (CBN) revealed. NHF was established by Act 3 of 1992, with the sole objective of managing contributing savings scheme known as National Housing Fund (NHF) in Nigeria. The National Housing Fund (NHF) Decree No 3 of 1992 was further given the responsibility of ensuring a steady flow of funds for housing construction and delivery. Team Boma Reports is an online news media platform which enables the social media users to have access to informative and educating news and opinions. NHF Deductions: The National Housing Fund Kaduna, Nigerian Army University, Biu Remittances from such institutions have to be returned to them. WHT is applicable on specified transactions as indicated below. 20. Launched on Oct. 1, 2012, and employing around 100,000 people around the world, Mondelz International comprises the global [] DOCUMENTS NEEDED FOR FILING WITHHOLDING TAX RETURNS IN NIGERIA. Stoppage of Professional Allowances Earned by Technologists through the 2009 Agreement. Dates and Deadlines for VAT Payments to HMRC. National Housing Fund (NHF) is a Federal Government introduced scheme that mobilizes long-term funds from Nigerian workers, banks, insurance companies and the Federal Government to advance loans at soft interest rates to its contributors. The FAAC document added: "No remittance to Federation Account in April, 2021 (May, 2021 FAAC) due to recorded value shortfall resulting from It is mandatory for your employer to remit the pension contributions. They have no children or dependent relatives, but they contribute 2,5% to the NHF. Various sums were ascribed to ActionAid (AA) Nigeria is an affiliate of ActionAid International, which is a global alliance of organisations working towards achieving a world without poverty and injustice in which every person enjoys the right to a life with dignity. You should find them useful. Number One 24/7 breaking news updates www.teamboma.com Admin. Central Bank of Nigeria (CBN) and proposals by the House of Representatives (HORs) in the Emergency Economic Stimulus Bill, 2020 (the Bill). Non-compliance attracts a penalty of at least 2% of the unpaid amount. PWC releases a tax calendar in its tax blog every month. Vat Coordination offices. Payroll Specialist, West Africa Role at Mondelez International Mondelez International LLC is a whole new company that has been re-imagined with a single focus in mind: create delicious moments of joy by sharing the worlds favorite brands. GUIDELINES. Humanitarian Coordinator for Nigeria NHF 2018 ANNUAL REPORT A total of $36.1 million was allocated to 27 partners to support 71 projects across nine sectors in 2018. The NHF scheme is for Nigerians in all sectors of the economy, particularly those within the low and medium income levels who cannot afford commercial housing loans e.g. civil servants, traders, artisans, commercial drivers etc. The due date for remitting the PAYE is the 10th day of every month following the month of deduction. TAX FORMS. Any intending beneficiary must be registered contributor and up to date with his/her contributions. B Limited will remit the sum of N47,620.00 to FIRS and file returns on the due date. 34. The content will be updated regularly. The penalty is payment of the amounts which are due to be paid, plus not less than 2% of the amount due. Offences & Penalties Failure to pay the tertiary education tax on the due date (i.e., within 60 days from the date of service of the notice of assessment for the company) attracts a 5% penalty of the tax unpaid. As a large and visible development organisation, we work in more than 40 countries in Africa, Asia, Europe [] Determination of the taxability of an Individual The taxation of income from employment in Nigeria is based on certain conditions as provided under section 10 of the PIT Act. Government of Nigeria established by the PRA 2004 to regulate and supervise all pension matters in Nigeria. Issues of revitalization of universities, Integrated Payroll and Personnel Information It will be impracticable for the Revenue office to inspect the accounting books of these companies in order to confirm due deduction and remittance of WHT. They are due by the 21st of the month following the reporting period. University lecturers under the umbrella of Academic Staff Union of Universities (ASUU) have accused the federal government of Nigeria of non-remittance of five months due of the union to the unions purse. We need your support to produce excellent journalism at all times. DUE DATES. NHF Deductions: The National Housing Fund (NHF) is 2.5% of basic salary. As of Monday, 8th March 2021, Nigerias foreign exchange reserve stood at $34.74 billion, representing a year-to-date decline of $632.9 million (1.79%). The scheme was established by Act 3 of 1992 to enable Nigerians in all sectors of The NSITF is applicable to all employees in the public and private sector throughout Nigeria. The private sector makes contributions for their staff to the funds by virtue of a scheme known as called employee compensation scheme. The employer rate of contribution is 1% of the total payroll, consisting of the total emoluments. Such excess tax payment is allowed to be used to offset the companys future tax liabilities or refunded in cash to the company by the tax authority, depending on the preference of the taxpayer. NHF Deductions: The National Housing Fund Kaduna, Nigerian Army University, Biu Remittances from such institutions have to be returned to them. Assist in the remittance of statutory payments (Pension, NHF, NSITF, WHT, PAYE) on/before the due date; Requesting and Collection of Finance unit office stationary and consumables from the Admin office for day to day business activities. A retired civil servant, he served his fatherland for 35 year. The ratio of remittance inflows to GDP increased from 9.7 percent in 1999/00 to 29.6 percent in 2015/16 which is reduced to 25.4 percent in 2018/19. Nigerian NewsDirect is a daily newspaper on Nov 29, 2010 with news from oil, gas, power, aviation, maritime, banking, education, capital market, entertainment, tourism, taxation and politics among others. Kabir also accused the management of non-remittance of National Housing Fund (NHF) deducted from the workers salaries to the NHF office. The latest data published by the apex regulator stated that the remittances rose by 56.4% when it increased from $11.23 billion within the same period in 2018 to $17.57 billion in 2019. 10 Leading Payment Gateways for eCommerce and Websites in Nigeria [UPDATED] July 2, 2021; Cost of CT scan in Nigeria June 28, 2021; 10 Ways Gospel Artistes Make Money in Nigeria June 24, 2021; 10 best Exercise Balls in Nigeria and their prices June 23, 2021; 9 DSTV Packages in Nigeria, Channel Lists and their Prices [UPDATED] June 11, 2021 Kaduna, Nigerian Army University, Biu Remittances from such institutions have to be returned to them. Please provide all your payment details here. Refund to a contributor after retirement from office, etc. Failure to comply with the requirements to file returns will attract a penalty of N50,000 (Fifty Thousand Naira only). Due diligencecredential and reference checks Provide statutory remittances (tax, pension, NHF, NSITF, ITF) Provide employee tax certificates Human Resources Advisory Abuja, Nigeria 13b Ontario Crescent, Maitama, Abuja 900271 T +234 818 800 5248 Lagos, Nigeria DUE DATE FOR FILING WITHHOLDING TAX RETURNS. Payments To Billers & Collectors. In Nigeria, small businesses As stipulated by the FIRS, the due date for filing Value Added Tax returns is the 21st day of the month following the month of transactions. According to a World Bank report, Nepal was the top recipient of remittances as a share of GDP in South Asia and the fifth-most remittance-dependent economy in the world after Tonga, Kyrgyz Republic, Tajikistan and Haiti in 2019. Although this value may be underestimated, Footnote 1 formal remittance inflows are significant in the country when considered as a share of GDP, contributing to about 5.6% of the GDP. Section 19 of the 1999 constitution places Africa at the centre of Nigerians foreign policy. National Housing fund (NHF) is a Federal Government introduced scheme, to which all public servants and employees in the organised private sector within the country are expected to contribute 2.5% of their monthly salary to Federal Mortgage Bank of Nigeria, managers of the fund. Nigeria lost $2.78 billion to oil theft, pipeline sabotage, a drop by 21%. Nigerian VAT returns. Some recent decisions and pronouncements of the Central Bank of Nigeria (CBN) affecting international money remittances to Nigeria and the operators of related businesses have raised eyebrows within and beyond Nigeria. 0 15. For filing of WHT, it can be done either on or before the 21st day of the month following the month in which the deductions were made. The The National Pension Commission (PenCom) in compliance with the Public Procurement Act, 2007, is hereby inviting reputable experienced and interested consultants to submit Expression of Interest (EOI) for the provision of the under listed services: (Download for details) November 25, 2020. The Nigerian withholding tax system makes it obligatory for companies to deduct at source from most business transactions. Due dates. And the penalty is the payment of the amounts which are due to be paid. As Lagos State moves towards meeting the needs of a mega city, LIRS continues to position itself as the major funding arm. Failure to register for VAT in Nigeria attracts a fine of N10,000 for the first month and N5,000 for the subsequent months. 15. The Proposed NHF Act On 18 February 2019, the National Assembly passed the National Housing Fund (Establishment) Act 2018 to repeal the extant NHF The golden principle of tax policy is that all taxes are effectively borne by real people regardless of the base on which it is charged and irrespective of who is making the direct payment. We fight for their rights. Federal Mortgage Bank of Nigeria will register the Employer and issue an employers registration number. The PAYE tax audit outcome showed that the Appellant had 13 staff in 2012 and 15 staff in 2013. In principle, it is a payment for the ultimate income tax liability of the taxpayer or company. If youre not sure when your VAT return and payment deadline is, you can check that in your VAT online account. THE Federal Mortgage Bank of Nigeria(FMBN) on Wednesday said it has so far disbursed a total sum of N15.7 billion to 19, 169 beneficiaries across the country under the Home Renovation Loan window. Inward remittance details like FIRC number, date, amount and foreign currency 3. THE Office of the Accountant General of the Federation, OAGF, has said that its attention has been drawn to series of reports on claims by tertiary institutions unions, led by ASUU, that IPPIS was deducting their salaries and allowances to the extent that their take home is now only 50% or less of what they earn. Assist in the remittance of statutory payments (Pension, NHF, NSITF, WHT, PAYE) on/before the due date; Requesting and Collection of Finance unit office stationary and consumables from the Admin office for day to day business activities. 60,383,050.12 . Please note, this should be a USD domiciled bank account. No Comments Share: The National Pension Commission (PenCom) has called on employees to ensure that all pension contributions deducted from salaries contributed by employers are remitted to the Pension Fund Custodian (PFC) by the Employer not later than seven (7) working days from the date of payment of You need to enter the following details: Full name. Only short-listed applicants will be invited for written test and oral interview. 2005 due to the opening of the Nigerian capital market, and the country is considered to have joined the ranks of frontier markets2 (IMF, 2016). So if your company has not remitted 3 months worth of contributions totalling N300,000. Non-remittance of statutory deduction from the payment of promotion arrears of 2013 2017. The Actual resumption of academic activities in Nigerian universities may not take place after Federal Government issued directive for reopening of higher institutions next Monday. Under the law, Federal and States tax boards are empowered to identify persons living in or earning income from Nigeria who are required to pay tax, and to assess incomes and tax their incomes using specified guidelines and rules. However, due to the fast-moving pace of change, it may not always reflect the most current developments in a given The Nigerian personal income tax Basically, the National Housing Funds scheme is for Nigerians who are employed in Nigeria or are engaged in meaning income yielding endeavors. The Demand Notice was accompanied by Summary of tax liability due to Abia State Government for 2012-2013. 12. Access Tax Calculator. April 10, 2021. Government Business Tax Offices. Security for Fund facilities. an evidence of payment such as bank teller, He said, Access to the fund through the PMI is cumbersome due to stringent and complex eligibility criteria which makes the development of housing through the fund challenging or practically impossible to date. Since the creation of the fund in 1992, the Federal Mortgage Bank of Nigeria as at 2013 disbursed only N100.5 billion. As soon as these are forwarded to IPPIS, any sharing ration amongst local chapters and headquarters, resignation or exit from service before due date. Tax Income Rates. Assist in the remittance of statutory payments (Pension, NHF, NSITF, WHT, PAYE) on/before the due date; Requesting and Collection of Finance unit office stationery and consumables from the Admin office for day to day business activities. We are recruiting to fill the position below: Job Title: Finance Assistant. service befor e due date. Penalties for non-compliance. The National Housing Fund Act, 2007, is the legal basis for the operation of the NHF in Nigeria. Pay your tax and. There is no distinction between the WHT rates for resident companies or individuals and non-resident companies or individuals. For non-resident companies however, tax payment is done through remittance. EXPRESSION OF INTEREST (EOI), NOVEMBER 2020. Nigeria-based and Africa-focused, the firm has a dedicated and innovative corporate practice, providing the highest quality of legal, business advisory and related services to the local business community and continental and international clients. bout 250 members of the Nigeria Football Supporters Club, NFSC, will miss watching the match between Nigeria and France in Brasilia today as they had to leave Brazil yesterday for Nigeria. Save the Children is the leading independent organization Tap to Call 08058606531 Planning with regards to the time that the profit is earned and the timing of the payment of the applicable tax on such profit, could result in significant financial advantage to a continuing business. The individuals annual returns (Persons who earn other incomes outside of their employment income) are to be filed not later than 31st March every year and covers the income earned and taxes paid in the preceding year. ASUU said that the federal government deducted check-off dues on behalf of the Union and refused to remit same to the Union. Remittances in Nigeria averaged 5078.85 USD Million from 2008 until 2020, reaching an all time high of 6270.24 USD Million in the fourth quarter of 2018 and a record low of 3373.09 USD Million in the second quarter of 2020. Software exporters will furnish the credit notes to AD for invoices which have already been certified by STPI and settle the respective Softex forms. The Bill, which will repeal the National Housing Fund (NHF or the Fund) Act, 2004 after the Presidents assent, aims to provide additional sources of funding for effective financing of housing development in Nigeria. The duty of remittance is that of your employers who are expected to be based anywhere in Nigeria. 11. FGN: FEDERAL GOVERNMENT OF NIGERIA. How to access NHF Loan From Federal Mortgage Bank of Nigeria. It is mandatory for your employer to remit the pension contributions, and any non-remittance or late remittance is illegal. Where can I get help with Filing PAYE Returns with the RTA? Lets say that this person earns a yearly gross income of 3,000,000. Recurring Payment (Standing Order/Direct Debit) Pay e-Invoice. This page offers an overview of tax developments being reported globally by KPMG member firms in response to the Novel Coronavirus (COVID-19). The NHF scheme is for Nigerians in all sectors of the economy, particularly those within the low and medium income levels who cannot afford commercial housing loans e.g. Only short-listed applicants will be invited for written test and oral interviews. 13. Name and address of the Customer from which remittance has been received v. Documentation: FIRCs to be given to AD for endorsement along with above details. The firm's wealth of expertise is at the core of the service offering. Support the ICIR The National Housing Fund, NHF, has failed to help solve Nigerias housing problems Emmanuel Akinola Omoyeni, is an angry man. Danish Refugee Council (DRC) is a Danish international non-governmental organisation, which promotes and supports durable solutions to the problems faced by refugees and internally displaced people all over the world. The system will generate a Remita Retrival Reference (RRR) for you. The Federal Inland Revenue Service has said all companies must remit value-added tax and withholding tax by the 21st day of every month. NHF Deductions: The National Housing Fund Kaduna, Nigerian Army University, Biu Remittances from such institutions have to be returned to them. The entire process of registration of title in Nigeria takes between six months to two years. 0 10. the required contributions as and when due.12 SIGNIFICANCE OF THE NHF BILL The NHF Bill now imposes a higher tax burden on contributors as the basis for the computation of the contribution of Nigerians in the public and private sectors is now 2.5% of their monthly income as against the position under the soon to be repealed NHF Rate of tax deduction: The corporate tax rate is 30% in Nigeria (see sections 19, 30 and 33 of CITA). taxpayers accounting date. NHF Deductions: The National Housing Fund (NHF) is 2.5% of basic salary. Any person intending to import physical goods into Nigeria shall in the first instance process e-Form M through any Authorized dealer bank irrespective of the value and whether or not payment is involved. Office Of The Accountant General Of The Federation (oagf) -. Hence, all employees in the public and the private sector in Nigeria will contribute 2.5% of their monthly salary as NHF . 'However, no withdrawals can be made from the NHF account until the contributor satisfies the requirements for refund of contributions as specified by the NHF Act 1992,' the bank chief executive explained. 4. 2. Unscrupulous employers refuse to make available remittance schedules showing details of The National Housing Fund (NHF) is a fund introduced by the Federal Government of Nigeria, established by act 3 of 1992 to mobilize funds from Commercial and Merchant Banks, Insurance companies, Nigerian workers and the Federal Government to provide soft loans to it contributors. Assist in the remittance of statutory payments (Pension, NHF, NSITF, WHT, PAYE) on/before the due date; Requesting and Collection of Finance unit office stationery and consumables from the Admin office for day to day business activities. The Chartered Institute of Taxation of Nigeria (CITN) currently has in excess of 1,000 chartered or licensed tax practitioners who are able to assist with PAYE compliance requirements. Hence, this law effectively imposes On 23 March 2020, the Executive Chairman of the Federal Inland Revenue Service ("FIRS" or "the Service"), sent out a notice informing taxpayers that the FIRS has extended the timeline for filing Value Added Tax (VAT) and Withholding Tax (WHT) returns to the last working day of the month, following the month of deduction. When a business ceases to trade permanently, the date of cessation can also impact the amount of its tax liability. The NHF Scheme has achieved a cumulative remittance of N70.8 billion at end-December 2011, while the aggregate loan portfolio was N137 billion, of which N70 billion (representing 51 per cent of the total loan portfolio) had been disbursed for the delivery of over 53,000 housing units in the Federation, (Table 11). Beneficiaries under the Fund. This will tell you: When your VAT return is due; Any Supplier, contractor or consultant bidding or soliciting contracts, businesses, goods and services from resignation or exit from service before due date. Support in the verification of all assets; Reconciling and matching of transactions on the system on weekly basis; Archiving of Document Know the details of the recipient Nigerian bank account. E-SERVICES. Nigeria: Tax developments in response to COVID-19; General Information. Collection . 3 15. This is done by an annual self-assessment and submission of tax returns according to specifications of the Federal Inland Revenue Service (FIRS). Consequent upon this method of invoicing, the revenues loss to FIRS if the transaction had been VAT exclusive is N2,380.00 (50,000.00-47,620.00). This is another statutory Nigerian Army University, Biu Remittances from such institutions have to be returned them. NHF Home Ownership Scheme This scheme is powered by the National Housing Fund and administered by the Federal Mortgage Bank of Nigeria [FMBN] through a Primary Mortgage Institution. The results-based on logistic regression technique reveal - that remittance has an inverse relationship with bank breadth. Also, plus not less than 2% of the amount due. Nationwide Offices. Double Taxation Agreement (DTA) Transactions that are ordinarily not liable to tax in Nigeria are not liable to withholding tax in Nigeria. An NHF contributor also has the option of using personal details to log-on to the FMBN web portal to view up-to-date records of his or her NHF contributions. The Nigeria Social Insurance Trust Fund (NSITF) provides a defined scheme through social insurance method for employees in the private and public sector. Inspection. The due date for remitting the PAYE is the 10th day of every month following the month of deduction. The Office of the Accountant General of the Federation, OAGF, has offered explanations as to why some members of the Academic Staff Union of Universities, ASUU, could not receive their March salaries, saying that about 1,180 them lecturers affected failed the Bank Verification Number, BVN, test conducted by the Office. 0 36. agent. due Actual resumption of academic activities in Nigerian universities may not take place after Federal Government issued directive for reopening of higher institutions next Monday. The News Agency of Nigeria This study examined remittance and bank breadth in Nigeria, using data from the 2011 World Bank Households Survey for the African migration project in Nigeria. The OAGF, in a statement [] Lets look at some numbers that demonstrate the role that remittances play in the Nigerian economy. Use your RRR to complete your payment process via any of the channels below: Thus, any non-remittance or late remittance is illegal. Save the Children is working in Nigeria because one in five children in Nigeria dies before their fifth birthday. lets grow together!!! If you fall in this category and for whatever reason, you are posted off country, you can still enroll. Tax Calculator . In 18 of his years of active service, he [] An employee can also file a whistle blowing report where an employer does not pay retirement benefits correctly or promptly. As soon as these are forwarded to IPPIS, any sharing ration amongst local chapters and headquarters, resignation or exit from service before due date. Also failure to file attracts a fine of N5,000 in the first month of failure to file occurred and N5,000 for each month the default continues (section 35 of VAT Act). Assist in the remittance of statutory payments (Pension, NHF, NSITF, WHT, PAYE) on/before the due date; Requesting and Collection of Finance unit office stationary and consumables from the Admin office for day to day business activities. March 20, 2019 6:59 AM The revised National Housing Fund (NHF) was recently passed by the National Assembly and awaiting presidential assent to How is the Contributory Pension Scheme (CPS) Different from the Old Defined Benefits Pension Scheme (DB)? Pay Once. The Central Bank of Nigeria shall within two months of making the collection under State Coordination Offices. Enter the recipients full legal name. C. 10th October, 2020 is the Due Date for Pay As You Earn (PAYE) Remittance for the month of September, 2020. Job Vacancies for Finance Assistant (Kogi) at Save the Children Nigeria May 2021 - Jobs in Nigeria. PMB 5170, Wuse II, Abuja Nigeria Tel: +234- 9-4138736-40 www.pencom.gov.ng [email protected] CIRCULAR REF: PenCom/DG/09/016/2 DATE: 30 April, 2009 TO: The Principal Secretary to the President, C-in-C Principal Secretary to the Vice President Honourable Ministers The Secretary to the Government of the Federation The Head of Civil Service of the Federation Special The growth of remittances to Nigeria in 2018 represented Key highlights of the Bill are presented below: 1. As such, income tax due from employment (individuals and partners) is due to the state where such employees are resident. In July 1994, the Honourable Minister of Employment, Labour and Productivity, launched the new scheme. 17. This should be done through a payment or transfer from an approved bank. Assist in the remittance of statutory payments (Pension, NHF, NSITF, WHT, PAYE) on/before the due date; Requesting and Collection of Finance unit office stationary and consumables from the Admin office for day to day business activities. Federal University Students to Be Denied Access to Campuses as FG Reopens Tertiary Institutions October 12. May 24, 2016. NHF Deductions: The National Housing Fund Kaduna, Nigerian Army University, Biu Remittances from such institutions have to be returned to them. Nigerian Universities Misled Us Into Paying Dead Lecturers - Accountant General Importantly, the deadlines for submitting your VAT return online and paying HMRC any VAT you owe are the same. It should be noted here that the risk of non-remittance of the VAT of N47,620.00 is high by B Limited than when NDDC deducts same at source. Issues of revitalisation of universities, Integrated Payroll and Personnel Information System (IPPIS), Earned Academic Allowances and inadequate funding may stall reopening. The Federal Government accepted the recommendation and in 1993, Promulgated the Nigeria Social Insurance Trust Fund (NSITF) to reflect its new role and objective. Employers of labour are required to deduct, at source, the prescribed rate of contribution from the monthly salaries of qualifying employees [6] and remit same to the Federal Mortgage Bank of Nigeria (the FMB) not later than one month from the date of deduction [7]. To be eligible for the NHF loan, a contributor must be above the age of 18 and must have contributed to the Fund for a period not less than six (6) months. The applicant must have satisfactory evidence of regular flow of income to guarantee loan repayment. How to Apply For National Housing Fund (NHF) As soon as these are forwarded to IPPIS, any sharing ration amongst local chapters and headquarters, resignation or exit from service before due date. 1. Remittances in Nigeria increased to 4071.91 USD Million in the fourth quarter of 2020 from 3871.28 USD Million in the third quarter of 2020. Assist in the remittance of statutory payments (Pension, NHF, NSITF, WHT, PAYE) on/before the due date; Requesting and Collection of Finance unit office stationary and consumables from the Admin office for day to day business activities. The Central Bank of Nigeria is uncertain about the actual amount of money remitted to the country due to its lack of methods to measure informal/unofficial ways through which remittances enter the country. The tax calendar helps small businesses and comply with all tax remittances and payments during the month. About 40% of children miss out on school and have to work to survive while nearly 2 million children have lost one or both parents to an AIDS-related disease. The due date for remitting pension contribution is seven working days after the payment of salaries.