• Advertise
  • Opinion
  • Features & Interviews
  • Investigation
  • Contact
Tuesday, August 9, 2022
  • Login
No Result
View All Result
NEWSLETTER
The Lagos Today
  • Home
  • News
    • Lagos News
    • National News
    • World News
  • Entertainment⚡ by CRAWL
    • All
    • Art & Design
    • Books
    • Movie
    • Music
    • Sports
    Kizz Daniel arrested in Tanzania for not performing in paid concert

    Kizz Daniel arrested in Tanzania for not performing in paid concert

    Amusan Sets New Record, Wins Gold At Commonwealth Games

    Amusan Sets New Record, Wins Gold At Commonwealth Games

    Fela Kuti Celebrated 25 Years After Death

    Fela Kuti Celebrated 25 Years After Death

    BBNaija S7: Hermes Emerges HOH For Week Two

    BBNaija S7: Hermes Emerges HOH For Week Two

    2022 Commonwealth Games: Lawal Wins Nigeria Second Gold Medal in Weightlifting

    2022 Commonwealth Games: Lawal Wins Nigeria Second Gold Medal in Weightlifting

    NiDCOM Boss Hails Tobi Amusan On Her Victory At World Athletics Championship

    NiDCOM Boss Hails Tobi Amusan On Her Victory At World Athletics Championship

    Usain Bolt Congratulates Tobi Amusan For Breaking World Record

    Usain Bolt Congratulates Tobi Amusan For Breaking World Record

    Eloswag Emerges BBNaija S7 First Head Of House

    Eloswag Emerges BBNaija S7 First Head Of House

    Asisat Oshoala wins fifth CAF Best Player Award

    Asisat Oshoala wins fifth CAF Best Player Award

    Cultism: Lagos CP Ordered To Investigate Portable Over Formation of One Million Boys

    Cultism: Lagos CP Ordered To Investigate Portable Over Formation of One Million Boys

  • Opinion
  • Business
  • Features & Interviews
  • Best Of Lagos
    Lagos welcomes The Art hotel: A flamboyant 5 star Business Boutique Hotel

    Lagos welcomes The Art hotel: A flamboyant 5 star Business Boutique Hotel

    THE LUXURY NETWORK NIGERIA ANNOUNCES NEW MEMBER, AFFINITY ART GALLERY

    THE LUXURY NETWORK NIGERIA ANNOUNCES NEW MEMBER, AFFINITY ART GALLERY

    THE LUXURY NETWORK NIGERIA HOSTS MEMBERS’ NETWORKING FORUM

    THE LUXURY NETWORK NIGERIA HOSTS MEMBERS’ NETWORKING FORUM

    Exploring Lagos’ Gastronomy With Chef Priyank Singh of Hard Rock Cafe

    Exploring Lagos’ Gastronomy With Chef Priyank Singh of Hard Rock Cafe

    Olu Oyinsan- Saying Yes To Founders At The Early Stage

    Olu Oyinsan- Saying Yes To Founders At The Early Stage

    A Rare Hobby: Sports Fishing In Lagos

    A Rare Hobby: Sports Fishing In Lagos

    Chef Nkesi- Experiencing Different Cultures Through Food

    Chef Nkesi- Experiencing Different Cultures Through Food

    Wumi Jubril: Creating Memorable Experiences

    Wumi Jubril: Creating Memorable Experiences

    Nordic hotel

    Nordic Hotel Makes Grand Debut in Lagos

  • Things To Do
  • Home
  • News
    • Lagos News
    • National News
    • World News
  • Entertainment⚡ by CRAWL
    • All
    • Art & Design
    • Books
    • Movie
    • Music
    • Sports
    Kizz Daniel arrested in Tanzania for not performing in paid concert

    Kizz Daniel arrested in Tanzania for not performing in paid concert

    Amusan Sets New Record, Wins Gold At Commonwealth Games

    Amusan Sets New Record, Wins Gold At Commonwealth Games

    Fela Kuti Celebrated 25 Years After Death

    Fela Kuti Celebrated 25 Years After Death

    BBNaija S7: Hermes Emerges HOH For Week Two

    BBNaija S7: Hermes Emerges HOH For Week Two

    2022 Commonwealth Games: Lawal Wins Nigeria Second Gold Medal in Weightlifting

    2022 Commonwealth Games: Lawal Wins Nigeria Second Gold Medal in Weightlifting

    NiDCOM Boss Hails Tobi Amusan On Her Victory At World Athletics Championship

    NiDCOM Boss Hails Tobi Amusan On Her Victory At World Athletics Championship

    Usain Bolt Congratulates Tobi Amusan For Breaking World Record

    Usain Bolt Congratulates Tobi Amusan For Breaking World Record

    Eloswag Emerges BBNaija S7 First Head Of House

    Eloswag Emerges BBNaija S7 First Head Of House

    Asisat Oshoala wins fifth CAF Best Player Award

    Asisat Oshoala wins fifth CAF Best Player Award

    Cultism: Lagos CP Ordered To Investigate Portable Over Formation of One Million Boys

    Cultism: Lagos CP Ordered To Investigate Portable Over Formation of One Million Boys

  • Opinion
  • Business
  • Features & Interviews
  • Best Of Lagos
    Lagos welcomes The Art hotel: A flamboyant 5 star Business Boutique Hotel

    Lagos welcomes The Art hotel: A flamboyant 5 star Business Boutique Hotel

    THE LUXURY NETWORK NIGERIA ANNOUNCES NEW MEMBER, AFFINITY ART GALLERY

    THE LUXURY NETWORK NIGERIA ANNOUNCES NEW MEMBER, AFFINITY ART GALLERY

    THE LUXURY NETWORK NIGERIA HOSTS MEMBERS’ NETWORKING FORUM

    THE LUXURY NETWORK NIGERIA HOSTS MEMBERS’ NETWORKING FORUM

    Exploring Lagos’ Gastronomy With Chef Priyank Singh of Hard Rock Cafe

    Exploring Lagos’ Gastronomy With Chef Priyank Singh of Hard Rock Cafe

    Olu Oyinsan- Saying Yes To Founders At The Early Stage

    Olu Oyinsan- Saying Yes To Founders At The Early Stage

    A Rare Hobby: Sports Fishing In Lagos

    A Rare Hobby: Sports Fishing In Lagos

    Chef Nkesi- Experiencing Different Cultures Through Food

    Chef Nkesi- Experiencing Different Cultures Through Food

    Wumi Jubril: Creating Memorable Experiences

    Wumi Jubril: Creating Memorable Experiences

    Nordic hotel

    Nordic Hotel Makes Grand Debut in Lagos

  • Things To Do
No Result
View All Result
The Lagos Today
No Result
View All Result
Home Business

LASG Collected N0.7trn PAYE Tax In 3 Years

by Idonosan Debe
November 3, 2021
in Business, Lagos News
3 min read
0
0
FG Says It Is Not Increasing VAT
Share on FacebookShare on Twitter

The 36 states in Nigeria and the Federal Capital Territory earned N2.33tn from Pay As You Earn (PAYE) in three years, according to data collated from the National Bureau of Statistics.

According to the NBS, PAYE is a form of personal income tax that refers to tax deducted directly from the wages and salaries of employees operating in the formal sector.

“All employers in Nigeria are responsible for deducting Pay As You Earn taxes from their employees’ earnings,” it said.

PAYE and self-assessment tax, another form of personal income tax, are collected by the STATE governments, according to the statistics office.

The highest PAYE collected in the years under review was N851.73bn in 2020, up from N809.32bn in 2019 and N669.22bn in 2018.

Lagos (N788.29bn) earned the highest from PAYE in the period under review, followed by Rivers (N255.34bn) and the Federal Capital Territory (N210.08bn).

Jigawa (N11.74bn), Taraba (N10.66bn), and Gombe (N9.23bn) made the least from PAYE in the period under review.

The South-West earned N1.0tn from PAYE in the three years under review, making it the region with the highest PAYE earnings.

The South-South is the region with the second highest PAYE earnings, as it got N555.14bn from 2018 to 2020.

The North-Central earned N366.71bn from PAYE, making it the region with the third highest PAYE earnings.

The North-West (N172.95bn), South East (N134.53bn) and North East (N96.54bn) earned the lowest from PAYE in the period under review.

According to the Federal Inland Revenue Service, PIT is guided by the amended Personal Income Tax Act Cap P8 LFN 2004,  and it is imposed on income of individuals, corporate sole or body of individuals, communities, families and trustees or executors of any settlement.

It said the tax ranges from seven per cent to 24 per cent, dependent on the amount of chargeable income, adding that the due date for remittance of PAYE is the 10th day of every new month.

In the period under review, Lagos earned N788.29bn from PAYE; Rivers, N255.34bn; FCT, N210.08bn; and Delta, N136.12bn.

Ogun earned N87.61bn; Akwa Ibom, N65.64bn; Oyo, N50.89bn; Kano, N45.31bn; and Kaduna, N42.41bn, according to the NBS data.

From 2018 to 2020, Ondo generated N40.47bn from PAYE; Edo, N39.30bn; Enugu, N38.22bn; Bayelsa, N37.09bn; Imo, N32.08bn; Plateau, N31.55bn; Anambra, N30.68bn; Bauchi, N30.06bn; Kogi, N29.92bn; Benue, N28.77bn; Kwara, N25.03bn; and Osun, N24.32bn.

In the period under review, Nasarawa earned N23.23bn from PAYE; Katsina, N23.10bn; Cross River, N21.64bn; Sokoto, N20.85bn; Abia, N19.04bn; Niger, N18.13bn; Zamfara, N17.24bn; Borno, N16.90bn; and Adamawa, N15.29bn.

Ebonyi generated N14.51bn; Yobe, N14.39bn; Ekiti, N12.82bn; Kebbi, N12.29bn; Jigawa, N11.74bn; Taraba, N10.66bn, and Gombe, N9.23bn.

A professor of Economics and Public Policy at the University of Uyo, Akpan Ekpo, stressed the need for states to focus on investments in order to increase their PAYE earnings.

He said, “States need to attract investments; when people get jobs, they will pay tax. If an individual doesn’t have jobs, they cannot pay PAYE tax.

“There is high unemployment in every Nigerian state. If the states increase employment, bring in investors, start companies, foreign direct investment comes in, people will work, and they will pay tax.

“Lagos is the highest because there are a lot of businesses in Lagos. It is not like that in other states. But to increase investment, you have to solve the security problem because investors are wary of the security situation in the country. To increase PAYE, many people have to work. Presently, unemployment and underemployment is about 40 per cent, which is very high.”

Follow us on social media
  • Facebook
  • Twitter
  • Instagram

Share this:

  • Twitter
  • Facebook

Like this:

Like Loading...
Tags: Lagos State GovernmentPay As You Earn (PAYE)PAYE TaxTax
Previous Post

EFCC Seizes Obi Cubana’s Travel Passport

Next Post

Ikoyi Tragedy: Death Toll Climbs to 20

Idonosan Debe

Idonosan Debe

Related Posts

Bread Makers plan fresh hike as cost of materials rise again

Bread Makers plan fresh hike as cost of materials rise again

by Rosemary Opara
August 8, 2022
0

Bakers under the aegis of the Premium Bread-Makers Association of Nigeria, have warned of yet another hike in prices of...

Nigeria To Borrow Another N4.89trn To Fund 2022 Budget

Debt servicing to hit N10.43tn as economists slam FG

by Idonosan Debe
August 8, 2022
0

The Federal Government has projected that debt servicing will cost N10.43 trillion by 2025, according to the 2023-2035 Medium Term...

Next Post
Ikoyi Tragedy: Death Toll Climbs to 20

Ikoyi Tragedy: Death Toll Climbs to 20

Please login to join discussion

Recommended

Construction: LASG to Close Oba Ogunji Road

Construction: LASG to Close Oba Ogunji Road

2 years ago
UNILAG Gets First Female VC

BREAKING: UNILAG Visitation Panel Holds Closed-door Meeting

2 years ago

Popular News

    Newsletter

    Connect with us

    Tags

    #EndSARS #EndSARS Protests 2023 Elections 2023 polls 2023 Presidency ACCIDENT All progressives Congress APC Babajide Sanwo-Olu Bitcoin CBN Central Bank of NIgeria China Coronavirus pandemic Covid-19 Covid-19 in Lagos Covid-19 in Nigeria Covid-19 Vaccine Cryptocurrency Donald Trump Dubai EFCC Federal Government Federal Government of Nigeria Fraud Gov. Sanwo-Olu Insecurity Lagos state Lagos State Government Lagos State House of Assembly Lagos State Police command LASEMA Latest jobs in lagos Lekki Tollgate Shooting Muhammadu Buhari Murder Naira NDLEA Nigeria Rape Russia Strike action UK United states US

    News

    • Business
    • National
    • Politics
    • Tech

    Opinion

    • Editorials
    • Today’s Opinion
    • Letters
    • Sunday Review
    • Advertise
    • Opinion
    • Features & Interviews
    • Investigation
    • Contact

    © 2020 The Lagos Today - Nkali.

    No Result
    View All Result
    • Home
    • News
      • Lagos News
      • National News
      • World News
    • Entertainment
    • Opinion
    • Business
    • Features & Interviews
    • Best Of Lagos
    • Things To Do

    © 2020 The Lagos Today - Nkali.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Create New Account!

    Fill the forms bellow to register

    All fields are required. Log In

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    %d bloggers like this: