The Industrial Training Fund Act No. 47 of 1971 (as amended, 2011), makes it Mandatory for all liable Employers in both Public and Private Sectors of the Nigeria Economy in which Section 6[1-3] of the Act apply, are mandated to pay Statutory Training Contribution of one percent (1%) of their Gross Annual Payroll and other staff entitlement to the Fund.

The Industrial Training Fund (ITF) Act governs the ITF scheme (The Scheme). The Scheme was set up to provide, promote and encourage the acquisition of skills in the industry and commerce. It also aims to generate a pool of indigenous trained manpower sufficient to meet the needs of the private and public sectors of the Nigerian economy.
Every employer with 5 or more employees, or an annual turnover of over ₦50million in respect of each calendar year is required to contribute to the Scheme. The contributory rate is 1% of the employer’s annual payroll cost.
Furthermore, Section 7(a) of the Act provides for a refund of up to Fifty percent (50%) of the Statutory Annual Training Contribution paid by an Employer if the Fund's Governing Council is satisfied that Training Programmes of the Employer is in accordance with the Fund's Reimbursement Schemes.
The deadline for ITF filing is on or before 1 April of every year, and the penalty for non-compliance is a payment of 5% of the amount unpaid for each month of default. Therefore, 31 March 2021 is the deadline for making remittances for the 2020 financial year.

Accountancy, Tax , Assurance and CAC services
www.innerkonsult.com
Whatsapp 08038460036