‎Tax Reforms: Employees, Employers Must File Returns

‎Tax Reforms: Employees, Employers Must File Returns – Oyedele
‎‎He noted that despite existing regulations, a large number of Nigerians still fail to meet their annual self-assessment filing requirements
‎The tax reform expert clarified that employees cannot rely solely on Pay-As-You-Earn (PAYE) deductions by their employers to fulfil their legal obligations

‎The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has urged Nigerians to comply fully with the law by filing their annual tax returns, stressing that the obligation applies to both individuals and employers.

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‎Eko Hot Blog reports that Oyedele made the call during a webinar organised in partnership with the Joint Revenue Board and targeted at human resources professionals, payroll administrators, chief financial officers and tax managers.

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The session was later uploaded on YouTube on Friday.

‎He noted that despite existing regulations, a large number of Nigerians still fail to meet their annual self-assessment filing requirements.

‎According to him, employers are required to file annual tax returns for their employees, including projections of staff remuneration, adding that those yet to comply have only a few days left to do so.

‎Tax Reforms: Employees, Employers Must File Returns - Oyedele — Taiwo Oyedele

‎Oyedele also emphasised that individuals are equally mandated to submit self-assessment tax returns, lamenting the low level of compliance across the country.

‎He said many states struggle with compliance, noting that even the most advanced states record less than 5% of taxpayers filing returns, with non-compliance rates exceeding 90% nationwide.

‎The tax reform expert clarified that employees cannot rely solely on Pay-As-You-Earn (PAYE) deductions by their employers to fulfil their legal obligations.

‎“Many people think that once tax is deducted by their employer, they have nothing else to do. That assumption is wrong. Under both the old and new tax laws, individuals are still required to file their tax returns,” he said.

‎Oyedele assured Nigerians that tax authorities are working to simplify the filing process to encourage wider participation, adding that all income earners, including low-income workers, are required to file their returns by 31 March for the preceding fiscal year.

‎He further disclosed that under the updated tax framework, companies enjoying tax incentives now have an added responsibility to disclose such benefits when filing their tax returns or shortly after.

‎According to him, the disclosure requirement is aimed at improving transparency and accountability within the tax system as part of broader fiscal reforms.