BY GODWIN OBI
The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has urged Nigerians to comply with the law by filing their annual tax returns no later than March 31.
Oyedele stressed that tax compliance is mandatory for both employers and individual taxpayers, noting that deductions made by employers do not absolve employees of their personal filing obligations.
He 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.
Speaking during the session, Oyedele said employers are required to file annual tax returns for their employees, including projections of staff earnings.
“Many employers may have complied already, but if you haven’t, you only have a few days left to file those returns, including projections of how much you will pay your staff,” he said.
He added that individual taxpayers must also file self-assessment returns, lamenting the low level of compliance across the country.
“This is one area where we have been largely non-compliant in Nigeria. In many states, even the most sophisticated ones, less than five per cent of taxpayers file returns,” Oyedele noted.
Oyedele clarified that employees are still legally required to file their own returns, regardless of whether their employers deduct taxes at source.
“Many people assume that once their employer deducts tax from their salary, their obligation ends there. That is incorrect. Under both the old and new tax laws, individuals must still file their returns,” he explained.
He assured Nigerians that tax authorities are working to simplify the filing process, adding that all individuals, including low-income earners, are required to comply.
“Everyone must file tax returns by March 31 of each year in respect of the previous fiscal year,” Oyedele said.
He also disclosed that under the new tax law, businesses benefiting from tax incentives are now required to formally disclose those incentives when filing their returns or shortly thereafter.
According to him, the disclosure requirement is aimed at improving transparency and strengthening the country’s tax administration framework.
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