18 January 2018
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Self Assessment Regulations

SELF ASSESSMENT REGIME-EXTRACT

  • The Self- Assessment Regime requires the concurrent filing of tax returns and payment of tax due on or before the due date.
  • A taxpayer must compute his/her tax liabilities, pay the tax/taxes due and file the relevant returns with evidence of payment of the tax/taxes on or before the due date.
  • The relevant tax authority in Nigeria shall accept all tax returns submitted by the taxpayer. The Tax Authority shall carry out necessary checks to ensure that all required information have been appropriately entered into the tax return forms.
  • Failure by a taxpayer to submit the tax returns forms on or before the due date is a breach of these Regulations and the Taxpayer shall be liable to pay such fines together with interests as may be prescribed in these Regulations or under the relevant provisions of the applicable tax laws.

FORMS FOR FILING TAX RETURNS

  • For the purpose of filing of tax returns required under the tax laws listed above:
  • In the case of the Personal Income Tax Act and other taxes on individuals, the tax return forms shall be as may be prescribed by the Board of FIRS;
  • In the case of taxes on companies, the tax return forms shall be as may be prescribed by the Board of FIRS;
  • In the case of the tax return forms required under the Value Added Tax Act, the forms shall be as may be prescribed by the Board of FIRS;
  • In the case of all other taxes not covered by paragraphs (a) – (c) of these Regulations, the tax return forms shall be authorized by the relevant tax authorities responsible for the collection of such taxes.

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