The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has reminded Nigerians of their legal obligation to file annual tax returns, stressing that compliance applies to both employers and individual taxpayers.
Oyedele gave the reminder during a webinar organised for HR managers, payroll officers, chief financial officers, and tax managers, in collaboration with the Joint Revenue Board. The session was later shared on YouTube.
He noted that many employers are close to missing the deadline for submitting their annual returns, which must include details of employees’ emoluments and projected tax payments. According to him, employer returns are due by January 31 each year, leaving defaulters with only a short window to comply.
Oyedele also expressed concern over the low level of compliance among individual taxpayers, describing the situation as troubling across most states of the federation. He said that in several states, fewer than five per cent of eligible taxpayers file their self-assessment returns.
He clarified that salary deductions under the Pay-As-You-Earn (PAYE) system do not exempt employees from filing returns.
Under both the old and reformed tax laws, employees are still required to submit annual self-assessment returns, regardless of deductions made by their employers.
The committee chairman added that tax authorities are working to simplify the filing process nationwide, assuring taxpayers that efforts are ongoing to make compliance easier. He stressed that all individuals, including low-income earners, must file their returns by March 31 each year in respect of the preceding fiscal year.
Oyedele further explained that companies benefiting from tax incentives now have additional disclosure obligations under the new tax regime.
Such enterprises must declare any incentives enjoyed when filing their returns or shortly thereafter, in line with the new disclosure requirements.
He concluded by reiterating that tax compliance is mandatory and remains a key pillar of the ongoing fiscal and tax reform agenda.