The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has reminded Nigerians that filing annual tax returns by March 31 is compulsory, stressing that compliance applies to both employers and individual taxpayers.
Oyedele gave the directive during a webinar organised in collaboration with the Joint Revenue Board and aimed at HR professionals, payroll administrators, chief financial officers, and tax managers. The session was later uploaded to YouTube on Friday, January 30.
Speaking at the event, Oyedele explained that employers are legally required to file annual tax returns on behalf of their employees, including projections of staff earnings and tax obligations.
“In terms of filing returns, employers are required to submit annual returns for their employees. Many of you may have already done so, but for those who haven’t, there are only a few days left to comply,” he said.
He added that individual taxpayers are also obligated to file self-assessment tax returns, noting that compliance levels across the country remain worryingly low.
“This is one of the major areas of non-compliance in Nigeria. In many states, more than 90 per cent of eligible taxpayers do not file returns. Even the most sophisticated states cannot boast of up to five per cent compliance,” Oyedele revealed.
According to him, recent tax reforms have made it clear that employees cannot rely solely on Pay-As-You-Earn (PAYE) deductions by their employers to meet their legal tax obligations.
“Many people assume that because tax is deducted from their salary, they have no further responsibility. That assumption is wrong. Under both the old and new tax laws, employees are still required to file annual returns,” he stated.
Oyedele, however, assured Nigerians that tax authorities are taking steps to simplify the filing process in order to encourage wider participation.
“I’m confident that the tax authorities, the Joint Revenue Board, and various state internal revenue services are working to make the process easier and more accessible for everyone,” he said.
He stressed that filing tax returns is compulsory for all income earners, including low-income earners, and must be done by March 31 of each year for the preceding fiscal year.
The committee chairman also disclosed that under the updated tax framework, companies enjoying tax incentives now have additional reporting and compliance responsibilities.
He urged both individuals and businesses to take the deadline seriously to avoid penalties and ensure compliance with Nigeria’s evolving tax laws.