FCT-IRS Gives Residents March 31 Deadline To File Annual Income Returns

The Federal Capital Territory Internal Revenue Service (FCT-IRS) has threatened penalties against those who fail to file their annual income returns for the 2024 tax year by the deadline of March 31, 2025.

Mustapha Sumaila, Head of Corporate Communications at FCT-IRS, stressed on Wednesday that filing annual returns is mandatory for all taxpayers.

This, he said, includes individuals in both the private and public sectors, public office holders (elected and appointed), self-employed persons, business owners, and partnerships/enterprises residing in the FCT.

“Filing of annual returns of income from all sources is mandatory and must be done in the manner and within the timeframe specified by law,” Sumaila said.

He referenced the Personal Income Tax Act, which mandates that every taxable person must file a return of income, declaring earnings from every source for the preceding year.

Sumaila noted that the returns must be accurate and truthful, with all relevant deductions, allowances, and reliefs duly recorded.

According to the Act, taxpayers have a 90-day window from the beginning of each assessment year to file their returns—culminating in the March 31 deadline.

The FCT-IRS warned that failure to file by the deadline will lead to the issuance of a “Best of Judgment” assessment against defaulters, which will compel them to pay estimated tax amounts.

Also, defaulters could face criminal and civil sanctions in accordance with Section 54(3) of the Personal Income Tax Act.

Sumaila reiterated the importance of early compliance to avoid legal consequences.

The Acting Executive Chairman of FCT-IRS, Mr. Michael Ango, has been spearheading a campaign for voluntary tax compliance across the FCT.

“With the ongoing efforts to improve infrastructure and social services in the FCT, it is imperative for all residents to contribute through timely tax payments and returns. Non-compliance will be taken seriously,” Ango warned.

The FCT-IRS, on February 27, warned that private companies and Ministries, Departments, and Agencies (MDAs) in the FCT risk a N500,000 fine for failure to submit their employees’ annual tax returns for 2024 following the January 31, 2025 deadline.

FCT-IRS Gives Residents March 31 Deadline To File Annual Income Returns is first published on The Whistler Newspaper