Individuals must file tax returns by March 31; employers, January 31 – Oyedele
Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has called on Nigerians to ensure they submit their annual tax returns as required by law.
He emphasised that tax compliance is mandatory for both employers and individual taxpayers.
Oyedele made the appeal during a webinar organised for HR managers, payroll officers, chief financial officers and tax managers, in partnership with the Joint Revenue Board.
Speaking in the webinar, which was shared on YouTube on Friday, he noted that a significant number of Nigerians are still failing to file their self-assessment tax returns.
“In terms of filing returns, you need to file annual returns as employers for your employees. Many of you must have done that already. If you haven’t, you have just a couple of days left to file those returns, including projections of how much you will pay your staff,” he said.
He further stated that individual taxpayers also have a responsibility to submit their self-assessment returns, adding that compliance levels remain alarmingly low across the country.
“This is one area where we have been non-compliant in Nigeria. In many states, more than 90%—even the most sophisticated states—cannot boast of 5% filing returns,” Oyedele said.
According to him, recent tax reforms make it clear that employees cannot consider their tax duties fulfilled simply because deductions are made from their salaries by their employers.
“Many people assume that if they are an employee and the employer has deducted pay, they don’t have to do anything. That is wrong. Both under the old and new tax laws, you must still file your returns.”
Oyedele also assured taxpayers that efforts are ongoing to simplify the filing process nationwide.
“I’m sure the tax authorities, joint revenue boards, and various state internal revenue services are working on how to make this process simpler and easier. All of us must file our returns, including those earning low income. You must file returns by 31st March of the year in respect of the previous fiscal year.”
He added that companies benefiting from tax incentives now have an obligation to declare such benefits when submitting their returns.
“Under the new tax law, if you operate a business as an enterprise and you enjoy certain incentives, you have the obligation to disclose those incentives. There’s a disclosure requirement for tax incentives that is not available to everybody as a general rule for taxpayers—to disclose them when filing their tax returns or shortly after.”
Oyedele said the filing of employer annual returns is due by 31 January each year, covering employees’ emoluments and tax deductions.
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