Every individual must file tax returns by March – Oyedele

The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has called on Nigerians to ensure they file their annual tax returns, stressing that compliance is mandatory for both employers and individual taxpayers.

Oyedele made the call 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 on Friday.

He reminded employers of their obligation to submit annual returns for their employees, including projected salary payments.

“In terms of filing returns, you need to file annual returns as employers for your employees. Many of you must have done that already. If you haven’t, you have just a couple of days left to file those returns, including projections of how much you will pay your staff,” he said.

Beyond employers, Oyedele noted that individual taxpayers must also file self-assessment returns, lamenting widespread non-compliance across the country.

“This is one area where we have been non-compliant in Nigeria. In many states, more than 90 per cent—even the most sophisticated states—cannot boast of five per cent filing returns,” he said.

He clarified that employees are still legally required to file their own returns, even if their taxes are deducted directly from their salaries by employers.

“Many people assume that if they are an employee and the employer has deducted pay, they don’t have to do anything. That is wrong. Both under the old and new tax laws, you must still file your returns,” Oyedele explained.

He assured Nigerians that tax authorities and state internal revenue services are working to simplify the filing process to encourage compliance.

“All of us must file our returns, including those earning low income. You must file returns by March 31 of the year in respect of the previous fiscal year,” he added.

Oyedele also disclosed that businesses benefiting from tax incentives are now required to declare those benefits when submitting their returns.

“Under the new tax law, if you operate a business and enjoy certain incentives, you have the obligation to disclose those incentives. There’s now a disclosure requirement for tax incentives when filing returns or shortly after,” he said.