Abstract:
With the increasing focus on the good corporate governance and
emphasis on revenue generation by the government, it is more
critical now than ever to comply fully
with the law
including
ensuring
that tax filling and payment deadline are
met.
This
assertion should not be
ove
remphasized when considering a
g
reat deal of concerned show by the Board of Internal Revenue when
it comes to personal income tax such as PAYE in
Nigeria today.
PAYE , being an
acronym for Pay As You Earn, it is simply a
method collecting personal income tax from employees
salaries and
wages through deduction at sources by an employer
as provi
d
ed
by
relevant
section of Personal Income Tax Act2011(vanquard2012) it
means for rais
ing
revenue in order to finance public expenditures
such as
building of governments state house, construction roads and
other form of amenities. Considering this, it is that PAYE must have
yield huge amount of revenues to the government, but transparency
i
s one big question in the manner and ways PAYE is remitted because a number of loopholes exist as to due date of
remitting
PAYE and the charges made on the level of income from one
ministry to another (under payment and over payment ).
