Section 40: Statement and estimate of earnings.

(1) Every employer shall, not later than last day of February in each year or at such times as may be required by the Board, a statement-
(a) of the total amount of all earnings paid to its employees in the preceding year;
(b) estimating the earnings that will be paid to its employees in the current year or any part of it as directed by the Board;
(c) of the nature of the work activities; and
(d) of any additional information as the Board may require.
(2) if the statement is found to be incorrect, the Board shall reassess the employer for each year that the statement was incorrectly made and may charge the employer interest, at a rate determined by the decision of the Board, on any assessment that was not paid.
(3) Employers shall declare the earnings of an employee who would be entitled to compensation and who is employed outside Nigeria as if the worker were employed in Nigeria.
(4) Earnings paid to an employee in excess of the maximum assessable earnings shall not be included in the employer's statement under sub-section (1).
(5) Unless satisfactory evidence of an employer's actual payroll for any period is provided to the Board, the payroll estimated by the Board under this section 40(1) shall be deemed to be the actual payroll of the employer.
(6) Where any person is deemed under this Act to be an employee, the Board may deem an amount to be the earnings for that employee.
(7) Where the activity or business of the employer is carried on in more than one industry, the Board may require separate statements for each industry.