Requirements for Annual Tax Returns In Nigeria/FIRS & SIRS Annual Tax Returns Requirements – These have to do with Nigerian Tax Calendar, Filing Of VAT Returns In Nigeria, Personal Income Tax, Income Tax In Nigeria, Penalty For Late Filing Of Annual Return In Nigeria, Requirements For FIRS Annual Tax Returns, Filing Of Company Income Tax Returns In Nigeria, FIRS e-Filing. Requirements for Annual Tax Returns In Nigeria/FIRS & SIRS Annual Tax Returns Requirements. The REQUIREMENTS FOR ANNUAL TAX RETURNS IN NIGERIA ar here. Just read on.
A tax return is using the relevant tax form or forms to report income and to file income taxes attributable to such incomes with tax authorities such as the Federal Inland Revenue Service (FIRS) and State Internal Revenue Service (SIRS) in Nigeria. Tax returns, under self assessment regime – as a process allows taxpayers to calculate their tax liability and remit payments or request refunds, as the case may be. Requirements for Annual Tax Returns In Nigeria/FIRS & SIRS Annual Tax Returns Requirements
These are what this post is all about. This post will give details of the relevant documentary requirements for you to file in your tax returns. It will also proffer solutions on how to go about this process of filing your tax returns.
Types of Taxes Involved:
Table of Contents
The taxes to be x-rayed here are Company Income Tax, Value Added Tax (VAT), Personal Income Tax, Pay As You Earn (PAYE), Tertiary Education Tax, and With-holding tax. Click here.
(A) DOCUMENTARY REQUIREMENTS:
(1) Company Income Tax Returns:
This must include the following;
- Duly complete FIRS self assessment form
- Evidence of tax payment already made
- Originals of the Company’s Financial statements – with all the relevant statements attached and duly singed and authorised.
- Schedule of fixed assets and associated Capital Allowance Computation
- Statement of Tax computation showing tax liability and period covered.
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(2) Value Added Tax (VAT)
The application for this must be accompanied by –
- Relevant VAT form – Form 002
- Schedule of VAT computation – schedule showing sales and purchases ( showing values of input and output VAT and adjustments for bad debts, credit notes etc.).
- Evidence of payment already made.
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(3) Personal Income Tax:
This must be accompanied by –
- Relevant personal income tax form
- Schedule of annual/periodic income – details of every form of income.
- Detailed computation of personal income tax showing relevant tax reliefs, allowances and other deductions like withholding tax etc.
- Other relevant declarations
- Evidence of payments already made
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(4) Pay As You Earn (PAYE):
This shall be accompanied by the following documents.
- Relevant Employee Form showing total income and claims/reliefs, and personal allowances applied for.
- Another form by the Employer, showing details of the employees and their tax contributions to date – evidence of payments.
- Other relevant information/documents required by the relevant tax authority – SIRS
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(5) Tertiary Education Tax Returns:
This is assessed together with company income tax. Therefore, it must include –
- The relevant financial statements, and tax computations.
- Appropriate Education tax form
- Income computation – adjusted income showing assessable profit
- Evidence of payment already made.
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(6) Withholding Tax Returns:
This is a monthly return that shows amount of withholding tax deducted and paid already. The return must include:
- Appropriate Withholding tax form
- Schedule of Withholding tax deducted, withheld, from who and paid during the month with other relevant information.
(B) Proffered Solutions/Other Requirements:
The encumbrances involved with all of the documents above can be avoided or minimised by hiring a tax Manager & Consultant. Tax management is a process that manages your tax obligations taking pro-active steps to avoid tax and tax penalties.
Complete Full Marks Consultants Limited ( CFMC Limited) is a firm of accounts, auditors, taxation and management consultants that could do all of these for you. It will help you meet up with all of your tax return requirements as stipulated in this post.
Requirements for Annual Tax Returns In Nigeria/FIRS & SIRS Annual Tax Returns Requirements. Contact CFMC Limited for these assignments on retainership or regular on-time basis – +234 8034347851 and [email protected]
Deacon Anekperechi Nworgu, a seasoned economist who transitioned into a chartered accountant, auditor, tax practitioner, and business consultant, brings with him a wealth of industry expertise spanning over 37 years.
