Business
Tax Payers To Enjoy N.2m CRA
Taxpayers in Nigeria are now entitled to a Consolidated Relief Allowance (CRA) of N200,000, a top official of the Federal Inland Revenue Service (FIRS), has said.
Mr Samuel Ogungbesan, Coordinating Director, Field Operations of FIRS, disclosed this last Thursday in Abuja at a workshop organised for Ministries, Departments and Agencies (MDAs) on the amended Personal Income Tax Act (PITA) of 2011.
Ogungbesan told tax administrators of MDAs that the allowance was a major highlight of some “radical changes’’ introduced in the new PITA which was signed into law in March.
A key thrust of the Act mandates the President, the Vice President, governors, their deputies and other political office holders to pay taxes on their allowances with effect from April.
He listed other highlights of the amended PITA to include a penalty of N5 million or imprisonment for three years or both for failure to confirm Tax Clearance Certificate (TCC) from the tax authority that issued same.