Filing tax returns with the Federal Inland Revenue Service (FIRS) is a legal obligation for businesses and individuals in Nigeria. Failure to comply can result in penalties, interest charges, and even business disruptions. Knowing when to file your tax returns with FIRS helps you remain compliant, plan your finances better, and avoid unnecessary fines.
This article provides a detailed breakdown of FIRS tax filing deadlines, including company income tax, personal income tax (for non-residents), value-added tax, withholding tax, and other relevant tax obligations in Nigeria.
Understanding the FIRS and Its Role
The Federal Inland Revenue Service (FIRS) is the federal government agency responsible for assessing, collecting, and accounting for taxes payable to the Federal Government of Nigeria.
FIRS administers several taxes including:
Company Income Tax (CIT)
Value Added Tax (VAT)
Withholding Tax (WHT)
Capital Gains Tax (CGT)
Education Tax (EDT)
Petroleum Profit Tax (PPT)
Personal Income Tax (for certain categories of taxpayers)
When to File Company Income Tax (CIT) Returns
Applicable to: All companies registered in Nigeria, except those engaged in petroleum operations.
Due Date:
New companies: Within 18 months from the date of incorporation or 6 months after the end of the first accounting year—whichever comes earlier.
Existing companies: Within 6 months after the end of each financial year.
Example:
If a company’s financial year ends on 31st December, its CIT returns must be filed on or before 30th June of the following year.
When to File Value Added Tax (VAT) Returns
Applicable to: All VAT-registered businesses.
Due Date:
VAT returns must be filed on or before the 21st day of the month following the month of the transaction.
Example:
Transactions carried out in March must be reported by 21st April.
When to File Withholding Tax (WHT) Returns
Applicable to: All businesses making payments that attract withholding tax (e.g., rents, interest, consultancy fees, etc.)
Due Date:
WHT returns must be filed on or before the 21st day of the month following the month the deduction was made.
Example:
WHT deducted in March must be remitted by 21st April.
When to File Education Tax Returns
Applicable to: All resident companies, excluding small companies (with annual turnover below N25 million).
Due Date:
Filed alongside the Company Income Tax return, i.e., within 6 months after the end of the company’s financial year.
When to File Personal Income Tax (PIT) with FIRS
While personal income tax for residents is handled by state Internal Revenue Services, non-resident individuals, including expatriates and diplomatic personnel, file PIT with the FIRS.
Due Date:
PIT returns must be filed not later than 31st March of every year for income earned in the preceding year.
When to File Capital Gains Tax (CGT) Returns
Applicable to: Companies and individuals that realize capital gains from the sale or disposal of assets.
Due Date:
Returns must be filed within 6 months after the accounting year-end for companies, and 31st March for individuals.
Filing Annual Returns: Statement of Affairs vs. Audited Financials
Companies yet to commence business: Must file a Statement of Affairs as part of their tax returns.
Companies that have commenced business: Must file audited financial statements.
Failure to file either document as part of the tax returns may result in the FIRS rejecting the filing or imposing penalties.
Penalties for Late Filing
FIRS imposes strict penalties for late or non-filing of returns:
Company Income Tax: N25,000 for the first month, and N5,000 for each subsequent month.
VAT and WHT: N50,000 for the first month and N25,000 for each subsequent month.
Education Tax: Same as Company Income Tax penalties.
PIT: 10% of the tax payable plus interest.
Timely filing helps avoid these sanctions and builds your company’s reputation as a compliant taxpayer.
Tips for Staying Compliant
Engage a tax consultant or chartered accountant early.
Set reminders for each tax return type.
Use the FIRS TaxPro Max portal to file returns online.
Register for taxes promptly after incorporation.
Conclusion
Understanding when to file tax returns with FIRS is crucial for businesses and individuals to remain tax-compliant in Nigeria. Whether it’s VAT, WHT, CIT, or PIT, each tax type has its own deadline—and missing any of them can be costly.
If you need help preparing and filing your tax returns, our team of chartered accountants is here to assist. We handle statement of affairs, audited financials, and FIRS filings so you can focus on running your business.
Contact us today to get expert help with tax filing, CAC compliance, and everything in between via WhatsApp 08155554892