Navigate Nigeria's tax system with ease: This is a guide on fulfilling legal duties by paying personal and company income tax to the FIRS and understanding returns.
Filing your personal and company income tax in Nigeria is a legal obligation for individuals who earn income within the country. In Nigeria, the tax system is administered by theat the federal level and the State Internal Revenue Services at the state level. Every responsible income-earning individual or business knows that tax evasion/tax avoidance is an offence before the law and carries stiff penalties, hence the need for proper filing of tax returns.
External Auditors, who must be members of a recognized professional body, should audit and sign the accounts.1) Within six months following the conclusion of the company’s fiscal year, if the company is an established one. The information on tax returns is the same as it is for self-employed people, with the exception that the taxpayer must report: • Income from all sources of employment in the current year.
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