Tax Return filing in Nigeria: What you should know

Tax Return filing in Nigeria: What you should know

Tax Return filing in Nigeria: What you should know - Tax Return filing in Nigeria: What you should know is associated with Nigeria taxation system, types of tax system in Nigeria, personal income tax in Nigeria, relevant tax authority in Nigeria, small business tax in Nigeria, types of tax assessment in Nigeria and  how to discuss the various types of tax in Nigeria. Tax Return filing in Nigeria: What you should know

As a matter of fact, I found out that a lot of entrepreneurs in Nigeria don't know so much about taxation, and how it operates in Nigeria, that is why many don't pay tax. This article is to equip you with relevant information you should know and follow about your tax management. In any case, you don't need to bother yourself with the encumbrances involved in taxation, while you can contact us to carry the burden for you. Contact Complete Full Marks Consultants Limited for your tax matters on +234 8034347851 or

Tax Return filing in Nigeria: What you should know. Her are those things you should know about taxation in Nigeria. Just read on and send in your comments through the comment platform or follow us on our Facebook platform for regular updates.

Tax Return filing in Nigeria: What you should know

Tax filing is when you the tax payer or your tax consultant submit the relevant forms as per legal prescription and laid down administrative procedure to a relevant tax authority.

Relevant tax authority is the particular tax authority that should receive your returns. For instance, Fderal Inland Revenue Services is the relevant tax authority to deal with company tax matters, while the various state internal revenue services are the relevant tax authority to deal with individual tax matters based on their residential status. 

Tax return is a report by you the tax payer giving details of your tax affaires for the specified period for the purpose of complying with the tax laws.

Nigeria is a tax jurisdiction. Every other country or group country that run a tax system is.  Here what you should know include that the tax system in Nigeria operates a tax regime that applies self-assessment tax  system which embodies a regular tax audit procedures.

Tax Return filing in Nigeria: What you should know

Can I tell you what more you should know about Nigeria’s tax system?

Use these calculators to recalculate your tax or call on me to do that for you immediately +234 8034347851

Tax Return filing in Nigeria: What you should know

Tax Return filing in Nigeria: What you should know

Just read on!

Nigeria operates a tax calendar system. This is like a chart/schedule  that defines the tax type and the due date for filing tax returns. There are those taxes that require monthly reports/returns and there are those for yearly returns.

Tax Return filing in Nigeria: What you should know


Company Income Tax – for a going concern i.e. an existing company, you have to render your returns within 6 months after your financial year. For new companies, you have to do this within 18 months of your incorporation. As you can see, there is six months given you to prepare your accounts and get ready to make your returns.

Personal Income tax – This tax is on preceding year basis,  that is to say, 2016 income is accounted for in 2017 for tax purposes. Personal income taxes returns are made  on or before 31st March of the following year. You must add all your income – salaries, rent from your house if you are a landlord, income from your transport business if you own a taxi or Keke etc.

For PAYE – pay as you earn, the company that deducts this tax on behalf of the tax authority must remit it on or before the 10th day of the following month. The employers make their annual returns on 31st March of the following year.

Petroleum Profit tax  - Payments are made from the second month of the accounting year based on estimates. Changes in estimates are adjusted regularly, while the 13th instalment payment which comes  5 months after the financial year is used to tally up the adjustments and balances off all the outstanding. 

Transfer Pricing Returns – These are transfer pricing declaration form ( done once) and disclosure form which is returned yearly separately but accompanying the company’s normal annual tax returns. Transfer pricing deals with related party transitions or what is commonly called artificial transactions which normally occur between two related parties.

VAT – Returns is every month on or before 21st of the month following deductions. All government ministries, Agencies, Departments,  and Petroleum companies that act as ta agents also do so.

Withholding Tax Returns – This is done monthly.  For companies it’s 21 days from deduction date while petroleum companies make this return 30 days from the date of deduction.

Education Tax - This returns is done together with the company income tax assessment, but it’s paid separately with its relevant forms and procedures.

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. Capital Income Tax is at 10%.

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, and it’s tax deductible. That is to say, you will  deduct it as an expense through the income statement.

Capital Market operators – The companies involved here make both annual and monthly returns.  Monthly tax returns are done not later than 7 days after the end of each month.

Tax Return filing in Nigeria: What you should know


  • Get the relevant tax return form – FREE
  • Fill the form completely and accurately
  • Sign the forms by the appropriate person
  • Fill the bank deposit slips for payment
  • Make the payment through the designated banks
  • Collect e-ticket payment slip as evidence of payment
  • Attach the bank e-ticket with the other relevant return documents and submit to the relevant tax authority
  • Now collect receipt for your payment from the tax office
  • If necessary reconcile your tax account with the tax office to ensure full compliance/payment.

Get more information here

Tax Return filing in Nigeria: What you should know

Further Requirements

The encumbrances involved with all of the documents above can be avoided or minimised by hiring a tax Manager & Consultant. Tax management is a process that manages your tax obligations taking pro-active steps to avoid tax and tax penalties.

Complete Full Marks Consultants Limited ( CFMC Limited) is a firm of accounts, auditors, taxation and management consultants that could do all of these for you. It will help you meet up with all of your tax return requirements as stipulated in this post. 
Requirements for Annual Tax Returns In Nigeria/FIRS & SIRS Annual Tax Returns Requirements.  Contact CFMC Limited for these assignments on retainership or regular on-time basis - +234 8034347851 and

Tax Return filing in Nigeria: What you should know

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