Persons Required To File Property Tax Returns
With effect from the year of assessment 2000, year of income 1999, any individual who owns net property in excess of one million five hundred thousand dollars ($1,500,000.00) is required to submit a Property Tax Return.
For the period years of assessment 1993 to 1999 (inclusive), individuals with net property in excess of five hundred thousand dollars ($500,000.00) are required to file property tax returns.
A Company must file a return of net property with effect from year of assessment1993 if its net property is in excess of five hundred thousand dollars ($500,000). For all the years of assessments, prior to year of assessment 1993, a company must file a return of net property irrespective of the value of net property.
DUE DATE FOR SUBMISSION OF RETURN AND PAYMENT OF TAX
The due date for submitting returns is 30th April, in the year immediately following that in which the property was owned.With effect from the year of assessment 1989, every person to whom the Act applies is required to calculate the tax payable and to pay on the basis of the return at the time of filing.
Penalty Filing A Late Return
Filing a return or payment of tax after the due date attracts the following penalties:-
- Two percent (2%) of the tax assessed and;
- Where the Commissioner has issued a demand notice for the submission of the return, a penalty of five percent (5%) of the tax assessed if the return is not submitted within the time specified in the notice.