March 31 deadline: Oyedele urges Nigerians to file annual tax returns

 

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

Oyedele stressed that compliance is mandatory for both employers and individual taxpayers, warning that failure to file returns remains a major challenge across the country.

He made this call during a webinar organised for HR managers, payroll officers, chief financial officers and tax managers, held in collaboration with the Joint Revenue Board and recently shared on YouTube.

According to him, employers are required to file annual returns for their employees, including projections of staff remuneration and related tax obligations.

“In terms of filing returns, employers must file annual returns for their employees. Many organisations may have done so already, but if you haven’t, you have only a few days left to comply,” Oyedele said.

He added that individual taxpayers must also file their self-assessment returns, noting that compliance levels remain alarmingly low nationwide.

“This is one area where Nigeria has been largely non-compliant. In many states, even the most sophisticated ones cannot boast of up to five per cent of residents filing annual returns,” he stated.

Oyedele clarified that tax deductions at source do not absolve employees of their statutory responsibilities, insisting that filing returns remains compulsory under both the old and new tax regimes.

“Many people assume that once tax has been deducted by their employer, they have no further obligation. That assumption is wrong. Employees must still file their returns,” he explained.

He assured Nigerians that tax authorities, including state internal revenue services and the Joint Revenue Board, are working to simplify the filing process to encourage wider compliance.

“Everyone must file their returns, including low-income earners. The deadline is March 31 of each year in respect of the previous fiscal year,” Oyedele added.

He further disclosed that businesses benefiting from tax incentives are now required, under the new tax law, to declare such incentives when filing their returns.

“Enterprises enjoying tax incentives must disclose them in their tax filings or shortly thereafter, as required by law,” he said.