Oyo govt tells business owners to file annual tax returns to avoid sanction

The Oyo State Government has called on all taxpayers, corporate organizations, business owners and employers of labour in the State to file the tax returns for the year 2022, latest by January 31st to avoid penalties.

This was contained in the new year message to the general public by the Chairman, OYO State Internal Revenue Service, while appearing as a guest on Aloore Radio, the official online radio of the State’s Ministry of Information, Culture and Tourism in Ibadan on Wednesday.

According to him, Annual Tax Return is a process of accounting for all the taxes a company has paid in the previous year and it is compulsory for all taxpayers to file their annual tax returns as it is a requirement of the law.

He said “all taxpayers, either high net worth individuals, business owners, employers of labour, NGOs, public or private organizations in the State are expected to file their returns on PAYE and other forms of returns like a direct assessment on their accounts to the Board of Internal Revenue latest 31st of January of this year.

“The Annual Tax Returns is a law guided by sections 41 & 81 of the Personal Income Tax Act, 2004 backing this up and It is applicable throughout the country.

“Individuals and corporate organizations can walk into any office at the Board of Internal Revenue to get the format for the filing or do so online via selfservice.oyostatebir.com, while tax payment, dues and other charges can also be done online via payment.oyostatebir.com,” he pointed.

While calling on all business owners to come forward and file their annual tax returns on or before the 31st of this month, Mr Awakan reiterated that penalties that were stipulated by law for failure to follow these guidelines would soon be meted out to defaulters in the State.

ALSO READ FROM NIGERIAN TRIBUNE 

Oyo govt tells business owners to file annual tax returns to avoid sanction