Nigeria - Register for Social Investment Trust Fund

Create Procedure for Nigeria

Procedure

The law stipulates that all employees, employed in a Nigerian incorporated company to contribute a certain percentage of their salary to the fund. The rate of contributions is defined as follows, where the contributor is an employee, 2.5% of his salary subject to a maximum of N 1,200 per annum; Where the contributor is an employer, 5% of basic salary subject.

• This Tax is collected on behalf of the Trust Fund by the Federal Inland Revenue Service.
• The applicant is required to fill a form
• Submit the form with the attachment of all required documents.
• Make the necessary payments in the bank.
• Then issued with the certificate of payment,

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Required Documents

The registration requirements are as follows:

• A copy of certificate of incorporation.
• List of staff and their annual salaries.
• The Directors Tax Clearance Certificates (now Electronic Tax Clearance Certificate)
• Letter of application for registration of Education Tax.

Office Locations & Contacts

Internal Revenue Service

Address

The Good Shepherd House,

Block H,Plot H1,CBD,

Alausa,Ikeja,Lagos

Contact Details

Telephone: 08082572444

Telephone: 08059889830, 07034954595

NIGERIAN SOCIAL INVESTMENT TRUST FUND (NSITF)

CORPORATE HEADQUARTERS

Contact

Address:

Plot 794, Mohammadu Buhari WayCentral Business Area,

P.M.B. 446, Garki, Abuja Nigeria

Email: info@nsitf.gov.ng

http://www.nsitf.gov.ng

visit the following link for offices located national wide.

http://www.nsitf.gov.ng/index.php/features-mainmenu-47/contact-us

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Eligibility

All employees employed in a Nigerian incorporated company.

Fees

The rate of contributions is defined as follows, where the contributor is an employee, 2.5% of his salary subject to a maximum of N 1,200 per annum; Where the contributor is an employer, 5% of basic salary subject.

Validity

Valid for 1 year

Documents to Use

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Sample Documents

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Processing Time

Processing is immediate

Related Videos

Videos explaining the procedure or to fill the applications. 
Attach videos using the following tag <&video type="website">video ID|width|height<&/video&> from external websites.
Please remove the "&" inside the tags during implementation.
Website = allocine, blip, dailymotion, facebook, gametrailers, googlevideo, html5, metacafe, myspace, revver, 
sevenload, viddler, vimeo, youku, youtube
width = 560, height = 340, Video ID = Can be obtained from the URL of webpage where the video is displayed.
e.g In the following url "http://www.youtube.com/watch?v=Y0US7oR_t3M" Video ID is "Y0US7oR_t3M". 
	

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Instructions

All Companies must register for Social investment Fund, and be familiar with the rules relating to the filing of investment fund returns and how the fund is calculated.The registration to get a social investment trust fund file number generally involves a few minutes. .

Required Information

• Name of Taxpayer
• Taxpayer Identification Number
• Business Name or Trade Name of Taxpayer
• Status
• Bank Details
• Name of Bank
• Bank branch
• Account Number
• Type of Business
• Total Income Chargeable Income Total Tax Payable
• Details of Salary paid and social investment fund deducted by the company.

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Need for the Document

This Fund is governed by the NSITF Decree, and requires everybody employed in a Nigerian incorporated company to contribute a certain percentage of their salary to the fund.

This contribution is based on the assumption that the maximum basic salary in Nigeria is N48, 000 per annum; Expatriates are excluded from this requirement where they can show proof of a similar contribution in their home country. The rate of contributions is defined as follows, where the contributor is an employee, 2.5% of his salary subject to a maximum of N 1,200 per annum; Where the contributor is an employer, 5% of basic salary subject.

Information which might help

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Other uses of the Document/Certificate

Please explain what are other uses of obtaining this document/certificate.
e.g. Birth Certificate can be used as proof of identity.

External Links

http://www.ngex.com/business/public/Taxes-in-Nigeria

http://www.oseroghoassociates.com/articles/34-property-taxes-in-nigeria

http://www.nsitf.gov.ng/index.php/features-mainmenu-47/history

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Others

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