The Federal Capital Territory Internal Revenue Service (FCT-IRS) has urged private companies, government Ministries, Departments and Agencies (MDAs), and other employers in the territory to file their employee annual tax returns for 2024.
Acting Executive Chairman Mr. Michael Ango announced in a statement in Abuja that employers must comply by January 31, 2025. The returns should be filed using prescribed forms provided by the service, in accordance with Section 81 of the Personal Income Tax Act (PITA) 2011 (as amended) and the Pay As You Earn (PAYE) Regulations.
Ango emphasized that filing annual returns is mandatory, and failure to do so will incur penalties. He encouraged compliance to support the development of the Federal Capital Territory.
In Lagos, the Lagos Internal Revenue Service (LIRS) has also set a January 31, 2025 deadline for companies to file their annual tax returns. Executive Chairman Ayodele Subair stated that this aligns with the PITA, noting that comprehensive annual returns detailing all emoluments paid to employees must be submitted by the deadline.
Subair highlighted that the LIRS has transitioned to a fully digital filing system, requiring all submissions to be made through the LIRS e-Tax portal. Employers are reminded to include the Payer ID of all employees in their returns.
In Brazil, the Receita Federal announced an expansion of financial transaction monitoring effective January 1, 2025. This includes new reporting requirements for various financial institutions and payment methods, with thresholds raised to R$ 5,000 for individuals and R$ 15,000 for businesses.
The Receita Federal clarified that there will be no taxation on the Pix payment system, and urged taxpayers to remain vigilant against scams claiming otherwise.
In Morocco, discussions on public finance sustainability have resurfaced, with the government reporting a budget deficit of 4% for 2024. The Minister of Budget noted that ordinary resources allowed Morocco to maintain a stable debt level of 69.5% of GDP.
The government remains committed to improving public finance sustainability despite global economic challenges. The budget execution report indicates a downward trend in the budget deficit, attributed to increased tax revenues.
Experts suggest that ongoing improvements in public finance indicators depend on the government's ability to optimize resource use and control public spending.