By Segun Adeyanju
Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has urged Nigerians to comply with statutory tax filing requirements, stressing that both employers and individuals must submit their annual returns as prescribed by law.
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 shared on YouTube on Friday.
He explained that employers are required to file annual tax returns for their employees by January 31 each year, covering emoluments, tax deductions and projections.
He noted that organisations yet to comply had only a few days left to meet the deadline.
Oyedele also decried the low level of compliance among individual taxpayers, revealing that in many states, fewer than five per cent of eligible taxpayers file self-assessment returns.
“This is one area where we have been largely non-compliant in Nigeria. Even the most sophisticated states cannot boast of up to five per cent compliance,” he said.
He clarified that employees are still required to file personal tax returns, even where taxes are deducted at source by their employers.
“Many people assume that once tax is deducted from their salaries, they have no further obligation. That is incorrect. Under both the old and new tax laws, individuals must still file their returns,” Oyedele stated.
According to him, individual taxpayers are required to file their returns by March 31 each year in respect of the preceding fiscal year, including those on low incomes.
Oyedele added that tax authorities are working to simplify the filing process nationwide to encourage compliance.
He further disclosed that under the new tax law, companies benefiting from tax incentives are now required to disclose such incentives when filing their returns or shortly thereafter.
He emphasised that improved compliance is critical to the success of ongoing fiscal and tax reforms in the country.
