Tax and Revenue Management
The Tax and Revenue Management System has the following components:
Registration
Self Assessment
PAYE
Payment
Repayment
Audit |
Non-Registered Persons
Assessment
Objection and Appeal
Collection and enforcement
Adjustment
Investigation |
The above system monitors the administration of tax policy, and the collection and accounting of all revenues arising under the Revenue laws, with Income Tax, VAT, Customs, Excise and Gaming.
The function of some of the main modules are as follows:
The Registration module in the system is used to Input/Modify/Deregister and report basic data with regards to the three Registers, namely - The Register of Taxpayers, The Register of Persons in Business, and The Register of Employers.
The Self Assessment module processes information relating to the annual Self Assessment returns furnished by taxpayers at the end of every financial year. For example the taxpayers can be individuals, Corporate Bodies/Companies, Banks and Insurance.
The Payment module is used to receive payments from taxpayers. Payment can be collected against Tax, Surcharge, Late Submission of Returns, Penalty on Late Submission and Interest. This module also facilitates the collection through various modes like cash counter, Post, Bank Transfer, Regional Offices and adjustment vouchers.
The PAYE (Pay As You Earn) module is used whereby employers are required to withhold tax from the emoluments of employees chargeable to tax at the time emoluments are received by or made available to the employees.
The Assessment module is used to raise an assessment and records its follow-up against debtors. An assessment is usually made by an inspector in the following circumstances (i) when there is a balance of tax due on a taxpayer's return except when a late return is paid together with the penalty (ii) the return submitted by the person at the end of the financial year is found incorrect or the taxpayer has not submitted a return.
The Enforcement and Debt Collection is a module which is used to record actions that have been taken against defaulters and debtors. Arrears are automatically calculated and penalty against debts of taxpayers is calculated.
The module Non-Registered Persons caters for the payments of VAT by persons not registered for VAT for the following reasons:
- Recovery of VAT collected by persons not taxable under the Act
- Settlement, by a person removed from VAT tax roll (with/without closing date), of a debt already written off / adjusted to nil.
- Settlement, in part or in full of an assessment, by a person not presently taxable or disputing his liability to registration at all.
The system provides the functions for recording of debts and adjustments of debts, clearing of overpayments, accounting and reporting on debts in arrears. |
