Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has emphasized the legal requirement for every taxable individual in Nigeria to file their annual income tax returns by March 31 each year. This reminder comes as part of ongoing efforts to streamline tax administration and ensure compliance under the Personal Income Tax Act.
In a recent statement, Oyedele highlighted that this obligation applies to all individuals, including employees, self-employed persons, and those with multiple income sources. "Filing tax returns is not optional; it's a fundamental aspect of our fiscal system that promotes transparency and fairness," Oyedele stated.
He explained that the deadline pertains to the previous fiscal year's income, with the upcoming March 31, 2026, cutoff covering earnings from 2025.
The requirement is rooted in Nigeria's tax laws, which mandate self-assessment returns for all taxable persons. Employers are also reminded to submit annual returns on employees' emoluments and deductions by January 31 annually.
Oyedele noted that recent tax reforms aim to simplify the process, making it accessible even for individuals with basic education to file without professional assistance. Exemptions and incentives, such as relief for small businesses and low-income earners, remain in place to ease the burden on vulnerable groups.
To file returns, individuals can use the online portals of their respective State Internal Revenue Services (SIRS) or the Federal Inland Revenue Service (FIRS) for federal matters. Oyedele encouraged Nigerians to take advantage of digital tools and helplines provided by tax authorities to avoid penalties, which may include fines or interest on unpaid taxes.
This initiative aligns with the broader goals of the Presidential Tax Reform Committee to foster a more efficient, equitable, and sustainable tax system that supports economic growth and reduces reliance on oil revenues.