Filing Tax Returns - Federal Internal Revenue Service (FIRS)
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A tax return is the tax form or forms used to report income and file income taxes with tax authorities such as the Federal Internal Revenue Service (FIRS) in a manner prescribed by law and in accordance with the laid down administrative rules. Tax returns allow taxpayers to calculate their tax liability and remit payments or request refunds, as the case may be
Filing of tax returns for various taxes with the Tax Authority is a legal obligation which must be fulfilled by every taxpayer and contain information on relevant tax affairs for a given period for the purpose of complying with the tax laws.
Companies Income Tax (CIT) Returns
Every company is required to file a return with Federal Internal Revenue Service (FIRS) even if the company is exempted by the law from paying tax.
Requirements for filing Company Income Tax
- Duly completed Self-Assessment form.
- Audited Financial Statement
- Tax computations.
- Capital allowances computation.
- Schedule of Fixed Assets
- Evidence of Payment of the taxes due.
The Audited Financial Statement should be signed by two Directors. The accounts should be audited and signed by External Auditors who must be members of recognized professional bodies.
Due Date for Filing Companies Income Tax Returns
For New Companies, CIT returns should be filed within eighteen (18) months from the date from the date of incorporation or six (6) months after accounting year end whichever is first.
Personal Income Tax (PIT) Returns
Self-employed Individuals (PIT) Returns
Every self-employed person is required to file a return with the Tax Authority nearest to his place of residence. Self-employed individual include an individual (sole trader), profession or vocation; or joint partnership. The income is based on preceding year basis.
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Due Date for Filing Personal Income Tax - Self-employed
A personal income tax return must be filed on or before 31st March of the year of assessment.
Employees Personal Income Tax (PIT) Returns
Personal Income Tax is paid by individuals in employment through the Paye-As-You-Earn (PAYE) system, the income is taxed on actual basis.
The taxpayer is required to declare income other than employment income earned from all sources in the preceding year and income earned from employment in the current year.
Employers Pay As You Earn (PAYE) Tax Returns
Employers are required to deduct and account for personal income tax deducted from the employment income of their employees under the PAYE system by way of a return filed with the Tax Authority on monthly basis.
PAYE returns must be submitted for each month on or before the 10th day of the month following the month to which the tax deductions relate using the appropriate schedule.
Annual Returns by Employers
Employers are required to file Annual Returns in respect of PAYE deductions made from their respective employees’ income in the past year.
Requirements for filing Annual Returns by Employers
Completed form A (Income Tax Form for Returns of Income and claim for allowances and relief)
- A schedule of tax deduction from the employer containing the following information:
- Evidence of payment of tax
- Form H1 (Annual Income declaration)
Due Date for Filing Annual Returns by Employers
Every employer is required to file a return not later than 31st January of every year.
Value Added Tax (VAT) Returns
Every taxable person is required to file VAT returns every month with FIRS.
Due Date for Filing VAT Returns
The VAT returns must be filed on or before the 21st day of the month following that in which the transaction was made.
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Withholding Tax (WHT) Returns
Withholding tax returns must be filed with the relevant Tax Authority by persons and bodies required to deduct and remit withholding Tax.
Due date for Filing WHT Return
Companies other than Petroleum Companies withholding tax returns should be filed within twenty-one (21) days from the date the amount was deducted or the time the duty to deduct arose.
Other companies including Petroleum Companies, withholding tax returns should be filed within thirty (30) days from the date the amount was deducted or the time the duty to deduct arose.
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