To file tax returns in Nigeria as an individual, you’ll need to have your Tax Identification Number (TIN) available. After that, you’ll need to go to the FIRS website to download the application tax returns form. Then, signup and officially file the tax returns via the FIRS website. Well, this is not all there is to know about filing tax returns in Nigeria as an individual taxpayer or company. This article is focused on giving you a thorough guide on how to file tax returns in Nigeria. Let’s get started by examining how to do that as an individual tax payer.
Individual Tax Payer Tax Returns
An individual tax payer is a taxpayer above 18 years of age who is either receiving an employers income, business income, investment income, capital gains or other source of income.
To file tax returns as an individual tax payer, you’ll need your Tax Identification Number (TIN).
Documents Needed To Obtain TIN
To obtain your TIN, you’ll be asked to provide the follow documents:
- Date of Birth Information.
- Your Bank Verification Number (BVN)
- Your Phone Number
- Previous Tax Identification Number (if available)
How To Get TIN
You can get TIN from the following platforms:
- Online
By visiting the Joint Tax Board (JTB) TIN registration portal. It is easy and one of the fastest way to obtain your TIN.
- FIRS Office
Locate any Federal Inland Revenue Service (FIRS) office near you to obtain your TIN.
- Tax Agent
You can employ the service of an authorized Tax Agent to get your TIN across to you.
How To File For Tax Returns As An Individual Tax Payer
To file for tax returns as an individual taxpayer, follow these steps:
Step 1. Download the applicable Tax Return Form
The first step is to download the tax returns form from the FIRS website. You can either download the Form A, Form B or Form H. It is good to note that:
Form A — For individuals who are employed.
Form B — For Individuals who are self-employed.
Form H — For individuals with other income sources.
Step 2. Sign Up On FIRS Website
Then, signup on the FIRS website to file for tax returns in Nigeria. You can visit the FIRS website to access the login page.
Company Income Tax Returns
Company Income Tax is a tax that is charged solely on the profits made by companies operating in Nigeria. This act is regulated by the Federal Inland Revenue Service (FIRS).
Documents Needed
To file tax returns for your company, the following documents will be needed:
- Tax Identification Number
A Tax Identification Number (TIN) works to give an identity to your company. It shows that your company has duly been registered to pay tax.
- Tax Returns Form
A completely filled out tax return form obtained from the FIRS website. This form can be submitted in soft copy or hard copy.
- Audited Financial Statement
This document should contain a complete financial statement of your company. It should show statement of profit or loss and current financial position.
- Tax Computation Schedules
This schedule should show all adjustments from reconciling accounting profits to taxable profits.
- Capital Allowance Schedules
This schedule should include details as it pertains to capital allowances claimed on various assets.
- Withholding Tax Credit Notes
This is required to audit the taxes deducted at source on company’s income.
- Tax Exemption Certificates
If there has been record of any tax exemption period, then it should be made available too.
- Supporting Documents
This document may include transfer pricing policies, prior year losses carried forward, evidence for special deduction claimed.
If you have these documents available, you can go ahead to file for tax returns for your company. Let’s consider the various methods you can file for tax returns in Nigeria.
How To File Tax Returns In Nigeria As A Company
Here’s a step-by-step guide on how to file tax returns in Nigeria:
Method 1: Manual Filing Of Tax Returns
To file tax returns manually, follow these procedures:
Step 1. Gather All The Documents
The first step to file tax returns in Nigeria is to ensure that all the documents outlined above are available. If any of the documents get missing, it could bring a hiccup in the tax filing process.
Along with that, your TIN should be readily available to you. In fact, if your TIN is not available, you may not be eligible to file tax returns for your company. Your TIN comes first before all other documents on the list.
Step 2. Fill All Company Tax Forms
On the Federal Inland Revenue Service (FIRS) website, it is possible to get your company tax returns form. However, to do this, you’ll have to download this form and print out. This would enable you to fill out the necessary details on the form.
Step 3. Login To FIRS Website To File Tax Returns
After that, you’ll be required to login to the FIRS website to file tax returns. Before logging in, you’ll be needed to input details in order to gain entry to your account.
Step 4. Obtain Your Receipt
After completing the process to tax your file returns, you’ll be displayed with a receipt. Be sure to download this receipt and keep it safe. It may be needed in subsequent times when any tax issue comes up.
Method 2: Electronic Filing Of Tax Returns
Here’s is a step-by-step procedure on how to file for tax returns electronically:
Step 1. Gather All The Documents
This stage requires assembling all the necessary documents required to file tax returns. The documents needed have been earlier stayed under the Documents Needed heading. Kindly ensure that all the documents outlined are available before filing tax return in Nigeria.
Step 2. Fill All Company Tax Forms
The next step would then be to fill all Company Tax form. On the FIRS website, you can get access to these forms. So, kindly fill out your details on these forms and submit it via the portal.
Step 3. Login To FIRS Website To File Tax Returns
After that, login to your FIRS account on the FIRS website. You’ll then be able to file tax returns for your company. This requires that you ensure that all details for logging in are available.
Step 4. Report Your Income Sources
Here, you’ll be required to accurate report your income sources for your business. You can also claim eligible deductions and reliefs during this stage. This is to give FIRS a clear picture of the tax environment of your business.
Step 5. Calculate Your Chargeable Income
In the next stage, you’ll be required to calculate your chargeable income. This is the final stage of filing tax return for your company.
Conclusion
No doubt, this information has been helpful to you. You’ve read about how to file tax returns in Nigeria as a tax payer and as a company. Don’t forget, in both cases, a TIN is important. Remember to have that handy before begining any step.