How We Help You Track Your With-holding Tax Credits in Nigeria/Track Your With-holding Tax Credit in Nigeria Here – With-holding Tax (WH) is an advance tax payment in Nigeria. Every time this is deducted from you pay, know that you have paid an element of the tax due. That is why you need to track it. It’s always a tax credit or a tax deduction. The effect is that it will reduce the amount of your tax liability in the end. In fact, this is How We Help You Track Your With-holding Tax Credits in Nigeria
Therefore, Get How We Help You Track Your With-holding Tax Credits in Nigeria – why you need withholding tax credit note in Nigeria, withholding tax rates in Nigeria 2017, withholding tax exemption list in Nigeria and FIRS circular on withholding tax.
Consequently, Track Your With-holding Tax Credit in Nigeria Here with us relating your business transactions with withholding tax administration in Nigeria. Get to know also the difference between VAT and withholding tax in nigeria.
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This post, How We Help You Track Your With-holding Tax Credits in Nigeria/Track Your With-holding Tax Credit in Nigeria Here, will expose you to all of these. This post is for your if you are a start-up or a going concern. In fact, this post will help you know some of the WHT tax principles and their applications. It will enable you track your with-holding tax credit notes and how to make WHT monthly returns.
How We Help You Track Your With-holding Tax Credits in Nigeria/Track Your With-holding Tax Credit in Nigeria Here
WITH-HOLDING TAX PRINCIPLES IN NIGERIA
What You Should Know About Withholoding Tax Returns/Filing:
In fact, these are the basic things you should know about with-holding tax in Nigeria. Follow me as I go through them one after the other. Don’t hesitate to send in your comments and questions through our comment tab.
What about Monthly WHT Returns?
Tax Returns are filed monthly with evidence of payment and a detailed schedule of the associated taxable transactions. Therefore, the schedule should show details for Name of supplier, Address, Nature of Invoice, payment Amount, Rate of deduction, Service and Date. Consequently, Returns for corporate suppliers should be filed within 21 days from end of month of transactions. while returns for non –corporate suppliers should be filed within 30 days from end of month of transaction. As a matter of fact, therefore, this tax return is filed in the same month they occur.
Why Do You Need to Make Monthly WHT Tax Returns?
This is statutory. WHT returns are made in the month of transaction. Remember that it’s an advance tax payment. However, entities have different accounting year; who know who needs it in January or those who need it in March or April. Sot it has to be rendered monthly. Again, is the issue of easy tracking. It would be difficult to tract WHT annually.
Who Needs this Monthly Tax Returns?
From the above narratives, you can see that you need it as well as the tax authorities.
What is the Usefulness of WHT Filing/Credit?
As a tax credit, it’s deductable from your ta liability to arrive at your net tax payable.
How We Help You Track Your With-holding Tax Credits in Nigeria/Track Your With-holding Tax Credit in Nigeria Here
Requirements for Monthly WHT Filing Application?
Furthrmore, every return must have the following details; Name of supplier and Address, Name of the reporting entity and address, then details showing the Nature of Invoice ( transaction, service etc), payment Amount, Rate of deduction, and Date.
What is the Relationship between WHT Returns and Tax Clearance Certificate?
As a tax deduction, WHT is necessary to determing your actual tax liability. Tax Clearance should be able to capture all of your income and tax due for a tax year, on preceeding year basis.
Why You Need Us Here
You can see that, How We Help You Track Your With-holding Tax Credits in Nigeria/Track Your With-holding Tax Credit in Nigeria Here, is not the job of a layman. You need experts like us. We are trained an licensed to follow up things like this without anybody feeling bad about us.
Overall, get to know us better. We are Chartered Accountants – Complete Full Marks Consultants Limited – professionals, Accredited consultants. Auditors and tax Experts. We will do a lot for you. As a matter of fact, Our Services range from Accounting & Auditing, Taxation – annual tax filings and obtaining your tax clearance certificates, Corporate services – CAC documentations/company and business name/NGO registrations, Management services – writing business plans, business proposals, business coaching, Capacity building training, seminars, workshops etc. obtaining mining license to other license for clients.
Contact us if you have need of us., via,
e-mail: cfmclimited@gmail.com
Phone: +234 8034347851, +234 8097900795
Website: www.completefmc.com
Deacon Anekperechi Nworgu, a seasoned economist who transitioned into a chartered accountant, auditor, tax practitioner, and business consultant, brings with him a wealth of industry expertise spanning over 37 years.
