The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has reminded Nigerians of new tax law requirements mandating employers to file annual returns by January 31 and individuals by March 31.
Speaking during a webinar for finance and HR professionals, Oyedele noted that compliance remains very low, with fewer than 5% of taxpayers filing returns in some states. He stressed that employees must still file self-assessment returns even if their employers deduct taxes.
Oyedele also clarified that the much-debated “power of substitution” in tax law—allowing authorities to assess and recover taxes based on available intelligence—is neither new nor arbitrary, and includes safeguards such as appeals through tax tribunals and courts.
He assured that reforms aim to simplify filing, improve compliance, and deliver benefits such as lower income taxes and removal of VAT on basic consumption.
