All Individuals Must File Tax Returns by March 31 – Oyedele

Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has called on Nigerians to ensure they file their annual tax returns on or before March 31, stressing that compliance is mandatory for both employers and individual taxpayers.

Oyedele made the appeal during a webinar organised for HR managers, payroll officers, CFOs and tax managers in partnership with the Joint Revenue Board.

Speaking in the session, he noted that while some employers have already submitted annual returns for their employees, others still have only a short window to do so, including filing projections of staff remuneration.

He expressed concern over the low level of compliance with self-assessment filing among individuals, describing it as a major weakness in Nigeria’s tax system. According to him, in many states, even the most advanced, fewer than five per cent of taxpayers file their returns.

Oyedele clarified that employees are still required to file tax returns even when their employers deduct taxes at source, stressing that this obligation exists under both the old and new tax laws.

He assured taxpayers that efforts are ongoing to simplify the filing process, adding that everyone regardless of income level is required to submit returns for the previous fiscal year by March 31.

Oyedele also disclosed that under the new tax regime, businesses benefiting from tax incentives must now declare such incentives in their filings, in line with new disclosure requirements aimed at improving transparency and compliance.