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Avoid Costly Penalties: Your Complete Guide to Nigeria’s Tax Compliance Guide Prepared by Sunmola David, BSc, MSc, FCA, FCTI Managing Partner, SUNMOLA David & Co (Chartered Accountants and Chartered Tax Practitioners) Contact: +2348038460036 | Website: www.sunmoladavid.com WhatsApp: +2348038460036 Nigerian tax laws require all companies and business names to file yearly tax returns and submit statutory documents. If you fail to comply, the Federal Inland Revenue Service (FIRS) may issue a Best of Judgment (BOJ) assessment against your business. This could result in unnecessary financial penalties. To avoid these problems, business owners must file all required returns on time. A. Federal Inland Revenue Service (FIRS) Tax Returns Both companies and business names must file the following returns with FIRS: Company Income Tax (CIT) – For Companies OnlyCompanies must submit annual tax returns together with their audited financial statements. The deadline for filing is within six months after the end of the company’s financial year. Value Added Tax (VAT) – For Companies and Business NamesBusinesses must file monthly VAT returns using Form 002. This form should include details of input and output VAT. The due date for submission is the 21st of the following month. Withholding Tax (WHT) – For Companies and Business NamesBusinesses must file monthly returns for taxes deducted from payments made to contractors, service providers, and other recipients. The deadline for filing is the 21st of the following month. Education Tax (ET) – For Companies OnlyCompanies must pay 3% of their assessable profit as Education Tax. This tax is filed annually along with the Company Income Tax (CIT) return. National Information Technology Development Levy (NITDL)This levy applies to companies in designated sectors such as banking, telecommunications, and insurance. The amount is calculated as a percentage of profit before tax. Capital Gains Tax (CGT)Businesses must declare and pay Capital Gains Tax on profits made from selling chargeable assets such as land, buildings, or investments. Important Note for Business Name Owners:Business names are not required to pay Company Income Tax (CIT). Instead, the owners must file Direct Self-Assessment Tax under the Personal Income Tax Act (PITA) with the State Inland Revenue Service (SIRS) where they operate. B. Corporate Affairs Commission (CAC) Annual Returns Annual Returns FilingBoth business names and companies must file annual returns using Form CAC 10. The deadline for submission is 42 days after the Annual General Meeting (AGM). Reporting Changes in Company DetailsIf there are any changes in company details—such as directors, shareholders, or registered address—these updates must be reported to CAC immediately. C. State Inland Revenue Service (SIRS) Returns Businesses operating in any Nigerian state must comply with the following requirements: Pay-As-You-Earn (PAYE) ReturnsEmployers must file monthly returns for taxes deducted from employees’ salaries. The deadline for submission is the 10th of the following month. Development LevyThis is an annual levy that applies to all employees and businesses. Business Premises LevyBusinesses must renew their premises levy every year for all registered locations. Direct Assessment (For Sole Proprietors and Business Name Owners)Owners of unincorporated businesses must file personal income tax returns under the Direct Self-Assessment system. D. Nigeria Social Insurance Trust Fund (NSITF) Returns Monthly Pension ContributionsEmployers must remit both employee and employer pension contributions to a Pension Fund Administrator (PFA) every month. The deadline for payment is the 7th of the following month. Pension Compliance CertificateCompanies bidding for government contracts must obtain this certificate to prove compliance with pension laws. E. Nigeria Social Insurance Trust Fund (NSITF) Returns Monthly Employee ContributionsEmployers must make monthly contributions for employee social insurance coverage. The deadline for remittance is the 31st of the following month. F. Industrial Training Fund (ITF) Returns Annual Training ContributionCompanies with five or more employees must pay 1% of their annual payroll costs to the ITF. The payment is due once a year, based on the company’s financial year. G. National Housing Fund (NHF) Returns Monthly Employee and Employer ContributionsEmployees earning ₦3,000 and above must contribute 2.5% of their salary to the NHF. Employers must remit these contributions along with their own portion. The deadline is the 10th of the following month. H. Financial Reporting and Audited Accounts Audited Financial StatementsCompanies must prepare audited financial statements and submit them with their CIT returns and annual CAC filings. Publication of Accounts (For Public Companies Only)Public companies must publish their audited financial statements in at least two national newspapers. For further assistance or professional tax advisory services, please contact SUNMOLA David & Co (Chartered Accountants and Chartered Tax Practitioners). Contact: +2348038460036 | Website: www.sunmoladavid.com WhatsApp: https://wa.me/2348038460036 Click below button to download NIgeria tax return Download the Niegria Yearly tax Please click here to share the page with others Share Now

Comprehensive Tax and Statutory Filing Obligations for Companies in Nigeria – 2025 Prepared by Sunmola David, BSc, MSc, FCA, FCTIManaging Partner, SUNMOLA David and Co (Chartered Accountants and Chartered Tax Practitioners) WhatsApps : 2348038460036          Contact |   www.sunmoladavid.com IntroductionThis document outlines the tax and statutory obligations for companies operating in Nigeria in 2025. It serves as a comprehensive guide to ensure compliance with regulatory authorities, including the Federal Inland Revenue Service (FIRS), State Internal Revenue Services (SIRS), Corporate Affairs Commission (CAC), and other relevant agencies. 1. Federal Inland Revenue Service (FIRS) Returns:• Company Income Tax (CIT) Returns:o Due: Six months after the company’s accounting year-end.o Documents Required:Audited financial statements.Tax computation schedule.Completed CIT self-assessment form.Evidence of CIT payment (if applicable). • Value Added Tax (VAT) Returns:o Due: On or before the 21st of every month. • Withholding Tax (WHT) Returns:o Due: On or before the 21st of the following month in which the deduction was made. • Education Tax (EDT):o Due: Alongside CIT filings.o Rate: 2.5% of assessable profit.o Evidence of EDT payment (if applicable). • National Information Technology Development Levy (NITDL):o Applicable to companies with turnover of ₦100 million and above.o Filed alongside CIT returns. • Transfer Pricing (TP) Disclosure/Returns:o For companies engaged in related-party transactions.o Due: Same date as CIT returns.______________2. State Internal Revenue Service (SIRS) Returns:• Pay-As-You-Earn (PAYE) Returns:o Annual Returns:Due: January 31 of the following year.Documents Required:Form H1 or equivalent.Schedule of employees’ income and tax deductions.Evidence of PAYE remittances.o Monthly PAYE Remittances:Due: By the 10th day of the following month. • Withholding Tax (WHT) on Rent/Individual Contractors:o Due: By the 10th day of the following month after the deduction. 3. Corporate Affairs Commission (CAC) Filings:• Annual Returns:o Due: Not later than 42 days after the Annual General Meeting (AGM).o Documents Required:Completed CAC annual return form.Evidence of payment of the annual return fee.Updated particulars of directors/shareholders (if applicable). • Filing of Changes (if applicable):o Due: Within 14 days of any changes in company structure (e.g., directors, shareholding, registered address). 4. National Pension Commission (PenCom):• Monthly Pension Contribution Schedule:o Due: On or before the 10th of every month. 5. Nigerian Social Insurance Trust Fund (NSITF):• NSITF Contributions:o Due: Monthly contributions are expected to be remitted on or before the 15th of the following month. 6. Industrial Training Fund (ITF):• Annual ITF Contribution:o Due: 1% of the company’s payroll, payable annually.o Deadline: Usually within the first quarter of the year. 7. Nigerian Immigration Service (Applicable to those companies that bring in expatriates into Nigeria):• Expatriate Quota Returns:o Due: Monthly.o Documents Required: Schedule of expatriates employed. Evidence of compliance with quota conditions. 8. Local Government Levies by the state & Local governments:• Business Premises Levy:o Due: Annually.o Rate: Varies depending on the local government. • Signage and Advertisement Fees:o Due: Annually or as determined by the local government. Important Notes:1. Filing Timelines: All returns must be filed on time to avoid penalties for late submission.2. Audit Requirements: Ensure audited financial statements are prepared and signed by an ICAN-registered auditor, as they form the basis for most filings.3. Record Keeping: Maintain accurate records for at least six years to comply with tax audit requirements.Additional Notes• Scope: The above filing obligations apply to normal companies operating in Nigeria.• Public Interest Companies: Entities such as banks, insurance companies, pension companies, and telecom companies have additional compliance requirements, including industry-specific filings and adherence to sectoral regulations. It is crucial for these companies to comply with their respective regulatory bodies for detailed obligations. ConclusionCompliance with the above obligations is essential to avoid penalties and ensure smooth business operations. For professional guidance and assistance in meeting these requirements. Contact Us: Sunmola David FCA, Managing Partner, Sunmola David & CO (Chartered Accountants & Chartered Tax Practitioners)               WhatsApp: +2348038460036Managing director /CEO Inner Konsult , Accountancy , Tax, assurance and CAC professional services. www.innerkonsult.comSupportKindly share this message to educate or remind others, God bless you amen. Download page in PDF Share this: Facebook Twitter LinkedIn WhatsApp Email