WHAT IS SELF-ASSESSMENT?
This is a simple mechanism by which taxpayers assess themselves on income that has accrued, been received or made in their favour, in any year of assessment. It is a system whereby the taxpayer is given the responsibility to compute their tax liability.
HOW IS SELF-ASSESSMENT DIFFERENT FROM THE TRADITIONAL ASSESSMENT?
This mechanism provides for taxpayers to furnish their own assessment and submit same to the SRA. The submitted income tax return is then deemed to be an assessment by the Commissioner General; that is, any taxable income so declared by the taxpayer and any tax payable being the respective amounts shown in the return that is submitted by the taxpayer.
The traditional method of assessment requires a taxpayer to submit returns and in the process await a notice of assessment from the Commissioner General, informing the taxpayer of their tax liability.
WHO IS REQUIRED TO SELF-ASSESS?
Taxpayers who are required to self-assess have been gazetted as follows;
Once fully implemented all other taxpayers will be required to self-assess.
WHAT ARE THE IMPLICATIONS OF SELF-ASSESSMENT?
ADVANTAGES OF SELF-ASSESSMENT
The self-assessment mechanism has the following advantages:
TAXPAYER’S OBLIGATIONS UNDER SELF-ASSESSMENT
NOTE: Section 39 of the Income Tax Order, 1975 provides for the SRA to carry out administrative assessments (i.e. raising estimated assessments) for taxpayers who do not submit income tax returns within the stipulated time and in the manner prescribed.
SRA’S RESPONSIBILITIES TOWARDS SUPPORTING SELF-ASSESSMENT INCLUDE:
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