Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has urged Nigerians, both individuals and employers to file their annual tax returns in accordance with the law.
Speaking during a webinar for HR managers, payroll officers, CFOs, and tax managers, organized in collaboration with the Joint Revenue Board and posted on YouTube on Friday, Oyedele warned that compliance remains low across the country.
“In terms of filing returns, employers need to submit annual returns for their employees. Many of you have done that already. If you haven’t, you have just a few days left to file those returns, including projections of staff salaries,” he said.
He added that individual taxpayers must also file self-assessment returns, noting that in many states, even the most sophisticated, less than 5% of residents comply.
“This is one area where Nigeria has been largely non-compliant. Many people assume that if their employer deducts tax from their salaries, their obligations end there. That is wrong. Both under the old and new tax laws, everyone must still file returns,” Oyedele explained.
The tax reforms also require businesses enjoying tax incentives to disclose them in their returns.
“Under the new law, if you operate a business and benefit from incentives, you must disclose them when filing your returns. This is not a general requirement for all taxpayers, but it is mandatory for those enjoying such incentives,” he said.
Oyedele reassured Nigerians that authorities are working to simplify the filing process. “I’m confident that the tax authorities, joint revenue boards, and state internal revenue services are making efforts to make this process easier. All taxpayers, including low-income earners, must file their returns by March 31 for the previous fiscal year,” he said.
