Yearly Tax Returns for Companies and Business Names in Nigeria

A. Federal Inland Revenue Service (FIRS) Tax Returns Companies and business names are required to submit the following:

1. Company Income Tax (CIT) (For Companies Only):

Annual tax returns must be submitted along with audited financial statements.
Due Date: Within six months after the end of the company’s financial year.

2. Value Added Tax (VAT) (For Companies and Business Names):

Monthly VAT returns (Form 002) must detail input and output VAT.
Due Date: 21st of the following month.

3. Withholding Tax (WHT) (For Companies and Business Names):

Monthly WHT returns must be filed for tax deductions from payments made.
Due Date: 21st of the following month.

4. Education Tax (ET) (For Companies Only):

3% of assessable profit must be filed annually alongside CIT.

5. National Information Technology Development Levy (NITDL):

Applicable to designated sectors, calculated as a percentage of profit.

6. Capital Gains Tax (CGT):

Declared and paid on profits from the disposal of chargeable assets.

Note: Business name owners are not required to pay Company Income Tax (CIT). Instead, they are subject to Direct Self-Assessment Tax, which must be filed under the Personal Income Tax Act (PITA) with the State Inland Revenue Service (SIRS) where they operate.

B Corporate Affairs Commission (CAC) Returns

1. Annual Returns:

Business names and companies must file annual returns using Form CAC 10.
Due Date: 42 days after the Annual General Meeting (AGM).

2. Changes or Updates:

Any modifications in company details (e.g., directors, shareholding) must be reported promptly.

C. State Inland Revenue Services (SIRS) Returns

Businesses operating in any Nigerian state must comply with the following:

a. Pay-As-You-Earn (PAYE) Returns:

b. Monthly returns for employee taxes deducted at source.

c. Due Date: 10th of the following month.

d. Development Levy:

e. Applicable to all employees and filed annually.

f. Business Premises Levy:

g. Annual renewal for registered business locations.

h. Direct Assessment (for Sole Proprietors or Business Name Owners):

i. Applicable for non-incorporated businesses who must file personal income tax under Direct Self-Assessment.

D. National Pension Commission (PenCom) Returns

i. Pension Contributions:

ii. Monthly remittance of employee and employer pension contributions to a Pension Fund Administrator (PFA).

iii. Due Date: 7th of the following month.

iv. Pension Compliance Certificate:

v. Required for companies bidding for government contracts.

E. Nigeria Social Insurance Trust Fund (NSITF) Returns

1. Monthly contributions for employee social insurance.

2. Due Date: 31st of the following month.

F. Industrial Training Fund (ITF) Returns

a. Filing and payment of 1% of annual payroll costs for companies with five or more employees.

b. Due Date: Annually, based on the company’s financial year.

G. National Housing Fund (NHF) Returns

a. Monthly contributions by employees earning ₦3,000 and above, along with the employer’s portion.

b. Due Date: 10th of the following month.

H. FINANCIAL REPORTING AND AUDITED ACCOUNTS

i. Audited Financial Statements:

ii. Required for submission with CIT returns and annual CAC filings.

iii. Publication (for Public Companies):

iv. Public companies must publish 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