Pay As You Earn (PAYE) refers to either an income-based system for student loan repayments or a system of income tax withholding by employers. Rivers State Internal Revenue Service Scheme (RiversBIRS) receives PAYE tax payments from inhabitants of Rivers State.
As a sort of advance payment on taxes owed, Pay As You Earn mandates that companies withhold income tax—and, in certain circumstances, the employee part of social insurance benefit taxes—from each paycheck sent to employees.
In this article, you will discover the brief history of PAYE tax, the gains for paying your Pay-As-You-Earn tax and the Step-by-step process of applying to the Rivers State Internal Revenue Service Scheme (RiversBIRS) for tax filing
A Brief History of PAYE
Sir Paul Chambers created the PAYE system for the first time in the UK in 1944. The term “pay as you go,” which is more common in the United States, may also be used to describe this method of tax collection and payment.
With the PAYE income tax system, your employer pays your tax to the government on your behalf and deducts it from your salary or earnings. Pay As You Earn is referred to by the acronym PAYE.
The taxpayer receives a refund for any amount taken in excess of what is owed in taxes. When a taxpayer files their yearly tax return form, they must make up any gap between the amount of tax paid and the amount that is really owed.
Gains from Paying Taxes to the Rivers State Internal Revenue Service Scheme (RiversBIRS)
- Development of the country: The safe and well-maintained roads you use are made possible in part by tax payments to the Rivers State Internal Revenue Service Scheme (RiversBIRS). Several government initiatives that aid the underprivileged and impoverished are also supported by taxes, in addition to numerous schools.
- Civic Duty: There are numerous recipients of the taxes you pay. Your tax contribution aids in the maintenance of public resources like the police in addition to covering the wages of government employees.
- Achieving wealth redistribution and eradicating stark gaps in the standard of living.
- A yardstick for economic evaluation: Serving as a yardstick for evaluating the size, development, and health of economic entities and activities. Achieving wealth redistribution and reducing stark differences in living standards.
Step-by-step process of applying to the Rivers State Internal Revenue Service Scheme (RiversBIRS) for tax filing
It is simple to register your corporate organization on RIVTAMIS, the online platform for filing taxes in Rivers State Internal Revenue Service Scheme (RiversBIRS). You will need the organization’s phone number and email address.
RIVTAMIS will also ask for your phone number and email address, as well as those of the representatives of the organization who will be in charge of managing the organization’s RIVTAMIS account. Take the quick actions listed below:
- Log on to the official website of Rivers State Internal Revenue Service Scheme (RiversBIRS) at rivtamis.riversbirs.gov.ng/
- Search: To view the search form, click Register. Enter the name of your organization in the supplied text box after selecting the Corporate category. To see a list of businesses with names similar to yours, click the search icon. Find your organization’s specific name in the list and click on it. Click the Not Found? link if you cannot discover the name of your organization. In the search results, click the Register link. You’ll see a registration form appear.
- Fill out the registration form with your updated information: Make sure you fill out the fields marked in red that are necessary. When you’re done, press the submit button. The corporate representative will get an email. To confirm your registration, check your email and click the link that was supplied. After confirming your registration and submitting the change form, update your records.
- Activation of account: The Rivers State Internal Revenue Service Scheme (RiversBIRS) will activate your account upon account upgrading, and you’ll get an email confirming it. Account activation will happen within a day.
- Receive your rivtin: You will get an email notifying your organization about the activation of your Account. Additionally, your RIVTIN, which will specifically identify you as a Corporate Taxpayer and a PAYE Agent, will be sent to you. Additionally, you will be told how to get your Certificate as a PAYE Agent. You can execute further actions with your account, such as uploading workers, submitting yearly returns, making payments, etc.