Wetin You Go Fit Do Before Tax Deadline Dey Show Face?

Abeg, make you gather round, make I yan you wetin dey happen for tax matter. E get as e be, Chairman of Presidential Commtitee on Fiscal Policy and Tax Reforms, Taiwo Oyedele don dey shout for people to file their annual tax returns. Wetin make am vex be say, many pipo never comply well-well.

For webinar wey he hold for HR managers, payroll officers, and tax managers, Oyedele don clear my mind say, employers and individuals dey need to do their homework sharp-sharp. E come dey talk say, ‘Na now we dey talk am, if you never file your returns, time no dey again o! You get small days remain!’ Na him dey push everybody to dey collect their tax papers together before dem go slap fine for dem head.

As he dey yan, many states for Nigeria no fit boast of 5% compliance. Can you imagine that? Even the smart states wey sabi. People dey just dey fold their hands like say tax no concern dem. Tax no be play matter o! Dem say if your employer don deduct tax for your pay, e no mean say you don finish your own. You still get return wey you go submit!

Oyedele still get us some beta news. E talk say authorities dey work to make this filing process easier for everybody. ‘All of us wey dey earn money, no go lie down, we still need to file our returns by 31st March. E no go matter whether you dey earn small or big salary,’ him talk.

Now, let me gist you wetin make all these tax reforms fine. Businesses wey dey enjoy tax incentives, them fit collect some benefits, but dem dey required to disclose am while filing. You know say some incentives dey wey no fit follow for usual tax returns. All these things dey join hand for our new tax law, na so e be.

Make I gist you about another gist wey dey happen! Multi-hyphenate professionals wey dey hustle up and down, listen well! You go fit film your income together o! Na one taxable person you go be, no matter how many job you get. E mean say if you dey work for 9-to-5 and still dey do side hustle, you gats put all your income together before tax band apply.

The first N800,000 of total annual income still dey tax-free, so if you dey earn below that, you dey fine. But make e no make you slack, the rest go dey attract different tax rates. Na wetin experts dey call progressive tax band.

Olarinde wey dey work with Nigeria Revenue Service come talk say, ‘If you na consultant or freelancer, don’t forget say you fit deduct some costs like your data, software, and other things wey you use for work.’ This thing go help reduce wetin you go pay for tax. Most importantly, your tax na profit, not total money wey you dey collect.

And if you be entrepreneur, no let side hustle money jostle with your salary for the same account o, because tax people fit confuse am with one ‘gift’. That one na risk wey you no need to take.

So, as we dey head toward March deadline, make una life no spoil, start to gather all your earnings, file those returns on time, and dodge those sharp penalties wey dey wait una. If na to hustle to make life better, we go do am together! Make we chook eye for the new tax rules and grinds!