TAX ANNUAL RETURNS: Important Dates for Compliance

Compliance with various taxes as at when due gives an organisation peace of mind and also confidence to do business without the worry of having tax officials disturbing and threatening the workplace.

Compliance also helps to ensure you submit necessary documents needed for growth and progress, especially if you have to submit a bid or proposal for a project.

We provide here details of various taxes and their due dates to help business owners operate with ease either directly or through consultants.

 Important Dates for Compliance

COMPANIES INCOME TAX (CIT)

Every company in Nigeria is required to file tax returns with Federal Inland Revenue Service. Companies exempted from paying tax by law are also required to file annual returns.

Due date:

For new companies, the returns should be filed within 18 months from the date of incorporation or 6 months after accounting year end, whichever comes first.

PERSONAL INCOME TAX

Self-employed person is required to file returns with the Tax Authority nearest to his place of residence. Those included in this category are sole traders, professionals or vocations and partnerships.

Due date:

The returns should be filed on or before 31^st March of the year of assessment.

PAY AS YOU EARN (PAYE)

Employers are required to file Annual Returns in respect of PAYE deducted from the income of their employees during the past year.

Due date:

The returns should be filed not later than 31^st January of every year.

VALUE ADDED TAX (VAT):

Every taxable person is required to file returns on VAT on monthly basis. The returns is filed with the Federal Inland Revenue service (FIRS)

Due Date:

VAT returns must be filed on or before the 21^st day of the month following the month in which the transaction was made.

WITHHOLDING TAX (WHT)

Withholding Tax returns must be filed with the relevant Tax Authority by persons or entities required to deduct and remit withholding tax.

Due date:

1. Companies other than Petroleum Companies: – tax returns should be filed within 21 days from the date the amount was deducted or the time the duty to deduct arose.
2. Petroleum Companies: 30 days from the date the amount was deducted or the time the duty to deduct arose.