The ITF contribution is the annual levy employers pay to the Industrial Training Fund under the ITF Act as amended in 2011. It is 1% of total annual payroll for employers with 5 or more employees, or with turnover of ₦50 million or more a year.
The levy for each year is due by 1 April of the following year, and late payment attracts a penalty of 5% for each month or part of a month. Employers that train staff under the Fund’s schemes can claim back up to 50% of the levy paid.
See ITF contribution.
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