Learn about the process of filing tax returns in Nigeria and the importance of proper tax payment.
Paying 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.
The Federal Inland Revenue Service is the relevant Tax Authority in the case of withholding tax deducted from payments owed to all limited liability firms .
Nigeria Tax Returns Tax Payment Tax System Filing Income Tax
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