How to File Your Annual Tax Returns in Nigeria

How to File Your Annual Tax Returns in Nigeria

How to File Your Annual Tax Returns in Nigeria – Associated with this are; How to File Your Annual Tax Returns in Nigeria, filing of company income tax returns in Nigeria, Types of Taxes in Nigeria, penalty for late filing of income tax return in Nigeria, filing of VAT returns in Nigeria and Nigerian tax calendar.

Others are, Documents Required for Filing Tax Annual Return.  Filing Annual Tax Returns in Nigeria - Legal Forms, Annual Returns Filing At The Federal Inland Revenue Service office and State Internal Revenue Service office, Why Failure To Make Your Annual Returns Could Land You In Hot Soup, Company tax query, tax audit, company tax investigation and legal prosecution.

In fact, one grave consequence of not filing your entity’s annual tax returns with the relevant tax authority in  Nigeria is that your firm, organisation, company or business could be investigated and prosecuted in law court. This has a lot of image denting effect on your  companies/organisations in Nigeria. I know you wouldn’t want this to happen to you.

How to File Your Annual Tax Returns in Nigeria - This is what this post is all about. This post will give you details of steps and paperwork necessary for annual tax returns. It will show you how to get a  tax consultant who will professionally handle these for you.  Just read on, and where necessary click for relevant past publications for more details.




How to File Your Annual Tax Returns in Nigeria


How to File Your Annual Tax Returns in Nigeria


Get The Following Ready:

(A) Organisation’s Tax Documents

 (1)For  Company Income Tax Returns:

This must include the following;
  • Duly complete FIRS self assessment form
  • Originals of the Company’s Financial statements – with all the relevant statements attached and duly singed and authorised.
  • Schedule of fixed assets and associated  Capital Allowance Computation
  • Statement of Tax computation showing tax liability and period covered.
  •  Evidence of tax payment already made

Every company tax matters go to Federal Inland Revenue Service.


How to File Your Annual Tax Returns in Nigeria


(2) Value Added Tax (VAT)

The application for this must be accompanied by -
  • Relevant VAT form – Form 002
  • Schedule of VAT computation – schedule showing sales and purchases ( showing values of  input and output VAT and adjustments for bad debts, credit notes etc.).
  • Evidence of payment already made. 


Remember that individual VAT payments go through the State Internal Revenue Service office in the state of your residence (SIRS), while those of the companies go through Federal Inland Revenue office nearest to you.


(3) Personal Income Tax:

This must be accompanied by –
  • Relevant personal income tax form
  • Schedule of annual/periodic income – details of every form of income.
  • Detailed computation of personal income tax showing relevant tax reliefs, allowances and other deductions like withholding tax etc.
  • Other relevant declarations
  • Evidence of payments already made

This  goes to State Internal Revenue Service office in the state of your residence (SIRS)


How to File Your Annual Tax Returns in Nigeria


(4) Pay As You Earn (PAYE):

This shall be accompanied by the following documents -
  • Relevant Employee Form showing total income and claims/reliefs, and personal allowances applied for.
  • Another form by the Employer, showing details of the employees and their tax contributions to date – evidence of payments.
  • Other relevant information/documents required by the relevant tax authority.

This  goes to State Internal Revenue Service office in the state of your residence (SIRS)


(5) Tertiary Education Tax Returns:

This is assessed together with company income tax. Therefore, it must include -
  • The relevant financial statements, and tax computations.
  • Appropriate Education tax form
  • Income computation – adjusted income showing assessable profit 
  • Evidence of payment already made.



(6) Withholding Tax Returns:

This is a monthly return that shows amount of withholding tax deducted and paid already. The return must include:
  • Appropriate Withholding tax form
  • Schedule of Withholding tax deducted, withheld, from who  and paid during the month with other relevant information.

Withholding tax for individuals go through the relevant state tax authority while those of the companies go to the federal tax authority

How to File Your Annual Tax Returns in Nigeria


(7) Petroleum Profit tax  Returns:

These are made from the second month of the accounting year based on estimates, and adjustments are made within the year based on actuals and changes in production. Adjustments are finally made with the 13th instalment payment. 

  • The returns must be accompanied with appropriate computations
  • Relevant Forms
  • Evidence of tax payment already made
  • Other relevant facts.

More details

(8) Capital Gains Tax Return:

This is also done together with the relevant company or individual tax returns, but are also computed separately and paid separately with its relevant forms and procedures.
  • Tax computations
  • Relevant Forms
  • Evidence of tax payment  made
  • Other relevant facts

(9) National Information Technology Development Levey:  

This is by the relevant organisations on information technology that has N100,000,000.00 turnover or above at 1% of profit before tax, 

  • Company Audited financial Statements 
  • Tax computations
  • Relevant Forms
  • Evidence of tax payment already made
  • Other relevant facts.


How to File Your Annual Tax Returns in Nigeria


(B) Tax Consultant:

 How to File Your Annual Tax Returns in Nigeria.  These are professionals who are trained to handle tax matters. They  handle these processes in any tax office in any tax jurisdiction  for you the client.  As I speak with you, if you contact me, these challenges will be taking care of in a jiffy.

What a Tax Consultant will do for you: 

He/she will -
  • Advise you on how to comply with both federal and state tax legislation especially in this era of multiple taxation in a constantly changing tax regimes.
  • Give you financial and tax-related advice.  -  discussing your tax situations. 
  • Educate you on tax options – Tax planning
  • Prepares and completes your tax returns and assist you in finding the right deductions, credits and adjustments based on your financial situation
  • Manage your with-holding tax issues
  • Tax Planning: Helping you create strategies for dealing with tax and prepare for your tax future. 
  • Tax Avoidance: Advising and consulting with you in order to provide advice about tax legislation to minimise the incidence of taxation
  • Be advising you  on employee tax incentive schemes
  • Advising on aspects of property transactions,
  • Calculating tax liability, ensuring compliance is completed speedily and efficiently, and submitting tax returns and associated documents by the appropriate deadlines.

More details plese

How to File Your Annual Tax Returns in Nigeria


Further Requirements:

How to File Your Annual Tax Returns in Nigeria. You are required to immediate  contact Complete Full Marks Consultants Limited on +234 8034347851 cfmclimitd@gmail.com for your business  tax needs.

Complete Full Marks Consultants Limited as an accounting, auditing, taxation and business consulting firm assists clients with business information; incorporate clients companies  and name registration at CAC Nigeria, prepares clients business plans, Tax filing and Tax  clearance certificates, and assist clients obtain mining licences.

How to File Your Annual Tax Returns in Nigeria

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