By DAYO ADESULU
The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has reminded Nigerians of the importance of complying with statutory tax obligations, stressing that individual taxpayers must file their annual tax returns by March 31, while employers are required to submit theirs by January 31 each year.
Oyedele’s reminder comes amid renewed efforts by the Federal Government to strengthen tax compliance, widen the tax net, and improve transparency in public finance management. According to him, timely filing of tax returns is not optional but a legal responsibility that supports national development and economic stability.
Tax Returns Deadline in Nigeria: What the Law Says
Speaking on the matter, Oyedele explained that existing tax laws clearly outline deadlines for filing returns, depending on the category of the taxpayer.
He noted that individuals operating under the Personal Income Tax Act (PITA) are expected to file their annual returns no later than March 31 of every year. This applies to self-employed persons, professionals, traders, and other individuals earning taxable income outside formal employment.
On the other hand, employers of labour, including public and private sector organisations, are required to file employees’ tax returns by January 31. These returns usually cover Pay-As-You-Earn (PAYE) deductions made in the preceding year.
Oyedele stressed that failure to meet these deadlines exposes taxpayers to penalties, interest charges, and possible enforcement actions by relevant tax authorities.
Why Filing Tax Returns Matters
Beyond legal compliance, Oyedele emphasised that tax returns play a critical role in shaping Nigeria’s fiscal future. According to him, accurate and timely tax filings help government authorities plan better, allocate resources efficiently, and deliver essential public services.
“Taxes remain one of the most sustainable sources of revenue for any government. When citizens and businesses comply voluntarily, it reduces pressure on borrowing and allows for more predictable economic planning,” he explained.
He added that proper tax filing also protects taxpayers themselves, as it creates a verifiable financial record that can be useful for accessing credit, government programmes, and other economic opportunities.
Presidential Tax Reforms and Compliance Drive
Oyedele linked the reminder to the broader objectives of the Presidential Committee on Fiscal Policy and Tax Reforms, which was inaugurated to overhaul Nigeria’s tax system and make it fairer, simpler, and more efficient.
According to him, the committee is working to reduce unnecessary complexities in tax administration while ensuring that everyone pays their fair share. However, he noted that reforms can only succeed if taxpayers understand their obligations and comply with existing laws.
He reiterated that the government’s focus is not solely on enforcement but also on building trust, improving service delivery, and creating a tax system that citizens see as transparent and equitable.
Penalties for Missing the Tax Returns Deadline in Nigeria
Oyedele warned that ignoring tax deadlines carries consequences. Under current regulations, late filing or failure to submit returns can attract fines, additional assessments, and interest on outstanding tax liabilities.
For employers, non-compliance may result in audits, penalties, and reputational risks, especially as tax authorities increasingly rely on digital tools to track payroll records and employee data.
He advised taxpayers to engage licensed tax practitioners or consult relevant tax offices if they are unsure about filing procedures or applicable obligations.
Call for Improved Tax Awareness
Recognising that lack of awareness remains a major challenge, Oyedele called for stronger public education on tax matters. He encouraged state and federal tax authorities to intensify sensitisation campaigns, especially targeting small business owners and informal sector operators.
He also urged Nigerians to take personal responsibility by seeking accurate information and avoiding misinformation about tax obligations.
“Understanding when and how to file tax returns is the first step toward compliance. With clearer information and simplified processes, we can significantly improve Nigeria’s tax culture,” he said.
Looking Ahead
As Nigeria continues to face fiscal pressures, experts believe that improved tax compliance could play a major role in boosting government revenue without overburdening citizens. Oyedele’s reminder serves as both a warning and a call to action for individuals and employers alike.
With January 31 set for employers and March 31 for individuals, taxpayers are urged to act early, avoid last-minute rushes, and fulfil their civic responsibilities.
Ultimately, consistent compliance with the tax returns deadline in Nigeria could strengthen public trust, enhance service delivery, and support long-term economic growth.
Key Takeaway
- Employers: File tax returns by January 31
- Individuals: File tax returns by March 31
- Non-compliance attracts penalties and interest
- Tax compliance supports national development
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