The Importance Of FIRS &SIRS Annual Tax Returns In Nigeria/ Importance Of Filing Income Tax Returns – Related to these are; Importance Of Annual Tax Filing, Need And Importance Of Income Tax, Importance Of Income Tax In Nigeria, Importance Of Filing Income Tax Returns, Annual Income Tax Returns By Employers And Employees.
Therefore, raising these questions; What If I Don’t File Income Tax Return? What Is The Importance Of Income Tax? Benefits Of Filing Income Tax Return? Why Income Tax Return Should Be Filed? Why Do We File Income Tax Returns and Benefits Income Tax?
Questions Answered:
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These questions will be answered in this post. Because Nigeria operates a self assessment tax regime, many of you seem to take the filing of the necessary tax returns as unimportant. Tax Returns Filing is when you or your tax consultant submit the relevant forms as per legal prescription giving details of your income/tax affairs for a specified period in accordance with laid down administrative procedures of relevant tax authority. The Importance Of FIRS &SIRS Annual Tax Returns In Nigeria/ Importance Of Filing Income Tax Returns.
THE IMPORTANCE OF FIRS &SIRS ANNUAL TAX RETURNS IN NIGERIA/ IMPORTANCE OF FILING INCOME TAX RETURNS
Tax Returns are required for the following:
- Company Income Tax,
- Value Added Tax (VAT),
- Personal Income Tax,
- Pay As You Earn (PAYE),
- Tertiary Education Tax,
- With-holding tax,
- Petroleum Profit tax,
- Transfer Pricing Returns,
- Capital Gains Tax Return and
- National Information Technology Development Levey
Filing tax return is periodic or an annual activity by every tax payer. Tax payers are both individual citizens and corporate citizens.
The Importance of Filing These Returns:
The Importance Of FIRS &SIRS Annual Tax Returns In Nigeria/ Importance Of Filing Income Tax Returns.
File in your tax returns for the following reasons;
- As a social responsibility – Responsible citizens obeys the laws of the land including paying and filing their tax returns to the relevant tax authority.
- Filing returns is mandatory – tax is a mandatory levy on the tax payers. It’s not as voluntary thing. If you don’t pay your tax you have run contrary to government laws, and you risk prosecution in the law court. Such a duty backed with such legal action cannot be said be voluntry.
- If you don’t file in your tax returns, you will not get your tax clearance
- If you don’t get your tax clearance, you will not qualify for any government assistance in – government contracts, certain movable and immovable properties purchase and assignments
- Financial institutions may deny you certain services – foreign exchange transactions, and engagement in certain financial businesses.
- No tax clearance, no political position in Nigeria.
- Late payment of taxes attract penalties, tax audit and tax investigation.
- Without tax returns you will not be able to claim capital allowances, loss relieves, and tax refunds as the case may be
As a matter of fact, the above points have been able to answer your series of questions as to – What If I Don’t File Income Tax Return? What Is The Importance Of Income Tax? Benefits Of Filing Income Tax Return?
THE IMPORTANCE OF FIRS &SIRS ANNUAL TAX RETURNS IN NIGERIA/ IMPORTANCE OF FILING INCOME TAX RETURNS
Now as to the benefits, if you make your regular annual tax returns you –
- Make yourself a socially and legally responsible citizen
- Tax clearance – with tax clearance you are fit to do anything business in Nigeria and be relevant in the political activitis of the country.
- Penalties – avoid extra payments in form of penalties, tax audit, and tax investigation and possible legal prosecution, with all of their attendant public embarrassments.
- Will get tax adjustments – you will get loss relieves, tax refund and other benefits.
THE IMPORTANCE OF FIRS &SIRS ANNUAL TAX RETURNS IN NIGERIA – Further Tax Return 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 whereby your tax obligations are managed 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 the tax laws.
The Importance Of FIRS &SIRS Annual Tax Returns In Nigeria/ Importance Of Filing Income Tax Returns. Contact CFMC Limited for these assignments on retainership or regular on-time basis – +234 8034347851 and [email protected]
THE IMPORTANCE OF FIRS &SIRS ANNUAL TAX RETURNS IN NIGERIA/ IMPORTANCE OF FILING INCOME TAX RETURNS –
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.
