Tax Newsletter - Personal Income Tax (Amendment) Act 2011
After a prolonged wait, the President, on Monday 12 December 2011, announced that he has assented to the ‘Bill for an Act to amend the Personal Income Tax Act’, Cap. P8 LFN 2004 and for matters connected therewith’. The Bill was passed by the House of Representatives on 25 May 2011 and by the Senate on 1 June 2011.
Highlights of the Amendment Act include the Introduction of consolidated relief and allowances, remuneration of the President and State Governors now taxable, the subjection of temporary / contract staff to tax under PITA, New PAYE filing requirement for employers and change in due date for filing of annual returns, introduction of a new minimum Tax Rate and a whole lot more.
We hope that you will find this newsletter informative and interesting.