ANNUAL PERSONAL INCOME TAX RETURNS (SELF-ASSESSMENT)
Individuals, Professionals & Business Name Owners
1️⃣ Correct Statutory Deadline
The legal filing deadline is:
31 March of every year — NOT 30 March
This is based on the Personal Income Tax Act requirement that taxpayers file returns within 90 days from the commencement of a new year of assessment.
Tax authorities (LIRS, FCT-IRS and others) consistently confirm:
All individuals must submit annual tax returns on or before March 31 each year
2️⃣ Who Must File? (Compulsory for Everyone)
The annual return is mandatory for:
• Employees (PAYE earners)
• Sole proprietors / Business name owners
• Professionals & freelancers
• Informal sector operators (traders, artisans)
• Individuals with multiple income sources
The return must disclose total income from all sources for the previous year.
3️⃣ Employees Under PAYE — Still Required to File
Even if tax is deducted monthly:
PAYE covers only employment income.
You must still declare:
• Business income
• Rent
• Consultancy
• Side hustle earnings
• Investment income
• Online income
• Foreign income
If no additional income exists → No additional tax arises
But filing remains compulsory.
4️⃣ Business Name Owners — How Tax Is Assessed
A registered business name is NOT taxed separately.
Legally:
The profit of a business name is assessed in the hands of the individual owner.
Therefore, the owner must declare:
• Business profit
• Other personal income
• Combined total income
This is why it is called Personal Income Tax, not Business Name Tax.
5️⃣ Informal Sector Assessments
Presumptive assessments (₦20,000 – ₦100,000 levies etc.) are not final taxation.
The March filing allows the tax authority to:
• determine actual income
• regularise assessment
• charge additional tax where applicable
6️⃣ Penalties for Failure to File
A. Under Personal Income Tax (Existing Law)
Failure to file returns attracts:
₦50,000 penalty for individuals
B. Under the New Tax Reform / Tax Administration Framework
The new regime significantly increases sanctions:
• ₦100,000 first month
• *₦50,000 each additional month *
Also:
• False or incomplete returns → ₦50,000 – ₦500,000 fines
7️⃣ Key Practical Meaning
The filing is primarily a declaration obligation, not merely payment.
Even if:
• You paid PAYE
• You paid informal tax
• You earned nothing extra
You must still file the annual return.
📅 Filing Deadline
31 March 2026
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We can prepare and submit your returns professionally.
