REASONS YOU HAVE TO FILE PAYEE IN NIGERIA

In Nigeria, filing payee (Pay-As-You-Earn) is required by law. It is a tax system where employers deduct taxes from the salaries of their employees on a monthly basis and remit the deductions to the relevant tax authorities. This system is aimed at ensuring that individuals and organizations pay their taxes in a timely and efficient manner.

The payee system is governed by the Personal Income Tax Act (PITA) of 2011, which requires all employers to deduct and remit taxes on behalf of their employees to the relevant tax authorities. Failure to comply with this requirement can result in penalties, fines, and legal consequences.

Filing payee helps to ensure that individuals and organizations pay their fair share of taxes, which in turn supports the development of the country through the provision of essential services such as healthcare, education, and infrastructure, Etc.
Advantages of paying payee
There are several benefits to paying a payee in Nigeria, some of which are:

Convenience
Paying a payee in Nigeria electronically can be very convenient, as it eliminates the need for physical cash transactions. This is particularly useful for businesses and individuals who need to make regular payments, as it saves time and effort.

Security
Electronic payments in Nigeria are generally considered to be more secure than physical cash transactions, as there is less risk of theft or loss. This is especially important for large transactions, where the risk of carrying large amounts of cash can be significant.

Speed
Electronic payments in Nigeria are typically processed quickly, meaning that the payee can receive the funds almost immediately. This is particularly useful in situations where time is of the essence, such as paying bills or making urgent payments.

Record-keeping
Electronic payments in Nigeria are often accompanied by detailed records, which can be useful for tracking and managing expenses. This is particularly important for businesses, as it allows for more accurate accounting and financial management.

Reduced costs
Electronic payments in Nigeria can be cheaper than physical cash transactions, as they eliminate the need for physical transport and handling of cash. This can result in cost savings for both the payer and the payee.