Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has urged Nigerians to file their annual tax returns within the deadlines set by law.
He said employers must file their annual returns for employees, including pay projections and tax deductions, by January 31 each year. Individuals, including salary earners, must file their self assessment tax returns by March 31 for the previous fiscal year.
Speaking during a webinar for HR managers, payroll officers, chief financial officers and tax managers, organised with the Joint Revenue Board, Oyedele warned that compliance levels remain very low nationwide. He noted that even in the most advanced states, less than five per cent of eligible individuals file returns.
He explained that employees often assume that once employers deduct tax from their salaries, they have no further obligation. He stressed that this belief is wrong under both the old and new tax laws, and that individuals must still submit their returns.
Oyedele said tax authorities and state internal revenue services are working to simplify filing procedures and make it easier for people to comply. He added that everyone, including low income earners, is required to file returns by March 31 each year.
He also said businesses enjoying tax incentives now have a duty to disclose those benefits when filing returns. Under the new tax law, such incentives must be declared as part of a broader push for transparency and proper monitoring of tax waivers.
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