File Tax Returns by March 31, Government Tells Nigerians

The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has reminded Nigerians to file their tax returns by March 31 for the previous fiscal year.

Oyedele said filing tax returns is a legal duty for both employers and individual taxpayers, even when taxes have already been deducted from salaries.

He spoke during a webinar organised for HR managers, payroll officers, chief financial officers, and tax managers, in partnership with the Joint Revenue Board.

According to him, many Nigerians wrongly believe that employees need not take further action once their employers deduct taxes from their pay.

“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 said.

Oyedele noted that tax compliance in Nigeria remains very low, with many states recording less than 5% of eligible taxpayers filing annual returns.

“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,” he added.

File Returns by March 31, Government Tells Nigerians. Credit: Guardian

He said tax authorities are working to simplify the process to encourage compliance and stressed that everyone, including low-income earners, is required to file.

“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 “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.”

He also reminded employers that their annual returns, covering employee earnings and tax deductions, are due by January 31 each year.