Annual Tax Returns Mandatory for All Employers, Individuals – Taiwo Oyedele

Annual Tax Returns Mandatory for All Employers, Individuals – Taiwo Oyedele

The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has stated that every employer and individual taxpayer in Nigeria is legally required to file annual tax returns, stressing that failure to comply attracts penalties under existing tax laws.

Oyedele made the clarification while speaking on ongoing efforts to improve tax compliance, broaden the tax base, and strengthen government revenue without imposing unnecessary burdens on citizens.

According to him, annual tax returns are mandatory for employers, companies, and individuals earning taxable income, regardless of whether taxes were deducted at source through the Pay-As-You-Earn (PAYE) system or other channels. He noted that filing returns is a legal obligation, not an option.

The tax reform expert explained that employers are required to submit detailed returns on behalf of their employees, including records of emoluments, deductions, and remittances to the relevant tax authorities. Individuals who earn income outside PAYE, he added, must also declare their earnings annually.

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Oyedele disclosed that a statutory deadline has been set for the submission of the annual returns, warning that taxpayers who fail to meet the deadline risk sanctions, penalties, or enforcement actions as provided by law.

He emphasized that the current fiscal reform agenda focuses on fairness, transparency, and accountability, encouraging Nigerians to comply voluntarily rather than wait for enforcement measures. He also reassured taxpayers that reforms underway are aimed at simplifying the process and reducing bottlenecks associated with tax filing.

Oyedele urged employers and individuals to seek professional guidance where necessary and ensure timely compliance, noting that improved tax discipline is critical to funding public services and driving sustainable economic development.

Annual Tax Returns Mandatory for All Employers, Individuals – Taiwo Oyedele