Tax Chief Urges Employers, Individuals to File Annual Returns Before Deadline

The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has called for immediate compliance from all employers and individual taxpayers to file their annual returns, citing alarmingly low national compliance rates.

Oyedele made the appeal during a recent webinar for finance and human resources professionals, organized in collaboration with the Joint Revenue Board. He emphasized that the obligation to file is a legal requirement for both entities and individuals.

Highlighting a critical gap, Oyedele revealed that compliance with filing self-assessment returns is exceptionally poor. “In many states, more than 90% even the most sophisticated states cannot boast of 5% filing returns,” he stated, describing it as a major area of national non-compliance.

He clarified a common misconception, noting that employees are not exempt from filing simply because their employer deducts taxes from their salary. “That is wrong. Both under the old and new tax laws, you must still file your returns,” Oyedele stressed.

The committee chairman assured that efforts are underway to simplify the filing process through various state revenue services. He reminded the public that the deadline for filing returns in respect of the previous fiscal year is March 31.

Oyedele also outlined a new requirement under the revised tax law, stating that businesses benefiting from specific tax incentives are now obligated to disclose them in their annual returns, introducing an additional layer of reporting for eligible enterprises.