FILE TAX RETURNS BY MARCH 31 OR FACE CONSEQUENCES, OYEDELE WARNS NIGERIANS

FILE TAX RETURNS BY MARCH 31 OR FACE CONSEQUENCES, OYEDELE WARNS NIGERIANS

The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr. Taiwo Oyedele, has urged Nigerians, including employers and individual taxpayers, to comply with the law by filing their annual tax returns on or before March 31.

Oyedele made the call during a webinar organised for human resource managers, payroll officers, chief financial officers, and tax managers, in collaboration with the Joint Revenue Board. The session, which was later published on YouTube, focused on improving tax compliance under Nigeria’s evolving fiscal framework.

Speaking at the event, Oyedele stressed that filing annual tax returns is a statutory obligation, noting that compliance remains significantly low across the country.

He explained that employers are required to file annual returns for their employees, including projections of staff remuneration and tax deductions for the year.

“Many employers have already complied, but for those who have not, the deadline is fast approaching. You have only a few days left to file your annual returns, including projections of how much you intend to pay your employees,” he said.

Oyedele also emphasised that individual taxpayers must independently file their self-assessment tax returns, regardless of whether their employers deduct taxes at source.

According to him, one of the most common misconceptions among Nigerian workers is the belief that tax obligations end once deductions are made by employers.

“That assumption is incorrect. Both under the old and the new tax laws, employees are still required to file their annual tax returns,” Oyedele said.

He described the level of compliance among individuals as alarmingly low, revealing that even the most advanced states struggle with return filings.

“In many states, more than 90 per cent of taxpayers do not file returns. Some states cannot even boast of up to five per cent compliance,” he disclosed.

Oyedele assured Nigerians that tax authorities are taking steps to simplify the filing process, adding that collaboration is ongoing among the Joint Revenue Board and various state internal revenue services to make compliance easier for taxpayers.

He reiterated that the March 31 deadline applies to all taxpayers, including those earning low income, as returns must be filed in respect of the previous fiscal year.

The committee chairman further noted that businesses benefiting from tax incentives are now required under the new tax laws to formally disclose such incentives when filing their returns.

“Enterprises enjoying tax incentives have a legal obligation to disclose them. This disclosure must be made at the point of filing returns or shortly thereafter,” Oyedele stated.

He explained that the new disclosure requirements are part of broader reforms aimed at improving transparency, accountability, and efficiency in Nigeria’s tax administration system.