Tax laws: Fintech unveils payroll compliance platform

As the new tax laws take effect, a fintech firm, Paypaxe, has announced the launch of a payroll automation platform designed to help businesses comply with the new tax regime.

Founder of Paypaxe, Ms. Belema Mary Maxwell, disclosed this at the company’s launch in Abuja, saying the platform would assist businesses to automate payroll processes and ease compliance with existing tax laws amid tighter enforcement.

According to her, the company is focused on helping Nigerian businesses navigate salary payments, statutory deductions and regulatory filings under the current regulatory framework.

“The web-based payroll system allows companies to register their businesses and employees, automate salary payments and compute statutory deductions in line with applicable rules, without manual processes,” Maxwell said.

She explained that many small and medium-sized enterprises (SMEs) struggle with payroll administration, often relying on informal methods or bank officers to pay staff, a practice that exposes them to errors and compliance risks.

“With the payroll system, businesses can register their employees, automate salary payments and ensure all deductions are properly calculated,” she said. “Once payroll is processed, the system guides businesses through the remittance process so they can meet their obligations without confusion.”

Maxwell noted that the platform integrates directly with tax remittance infrastructure, allowing businesses to move seamlessly from salary processing to filing and payment of statutory obligations through a single workflow, rather than navigating multiple platforms.

She added that the system also addresses poor accounting and record-keeping, a major weakness among Nigerian businesses, particularly smaller firms.

According to her, Paypaxe’s enterprise resource planning (ERP) tools help businesses identify legitimate expenses, track payroll-related costs, manage invoices and maintain proper records supported by receipts and bank transactions.

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