Every entity registered with the Federal Inland Revenue Service (FIRS) is required to file monthly tax and annual tax returns with the Service.
The due date for filing monthly tax returns – Value Added Tax (VAT) and Withholding Tax (WHT) is on or before the 21st day of every month for the transactions of the preceding month.
The due date for filing annual tax returns – Companies Income Tax (CIT) and Tertiary Education Tax (TET) depends on how long the company has been in business as follows:
• For a newly incorporated companies/entities – Annual tax returns are to be filed within eighteen months (18) from the date of its incorporation or not later than six months after the end of its first accounting year-end whichever is earlier.
• For companies/entities whose incorporation is over eighteen months – Annual tax returns are to be filed within Six (6) months after the company’s year-end.
Annual tax returns are filed online or at the FIRS offices by providing the following documents:
• Audited Financial Statements of the company.
• Companies Income Tax and Tertiary Education Tax computations.
• Capital Allowance and Balance Adjustment (if any) computations.
• Completed and duly signed self-assessment forms.
• Evidence of payment of the whole or part of the tax liability.