What does this file Tax annual returns mean ??
Sign Up to our social questions and Answers Engine to ask questions, answer people’s questions, and connect with other people.
Login to our social questions & Answers Engine to ask questions answer people’s questions & connect with other people.
Lost your password? Please enter your email address. You will receive a link and will create a new password via email.
Please briefly explain why you feel this question should be reported.
Please briefly explain why you feel this answer should be reported.
Please briefly explain why you feel this user should be reported.
Think of Filing an Annual Tax Return as a "yearly financial report card" that you submit to the government. It is a formal statement where you declare exactly how much money you made and how much tax you paid over the last 12 months. Here is the simple breakdown of what it actually means: 1. What isRead more
Think of Filing an Annual Tax Return as a “yearly financial report card” that you submit to the government. It is a formal statement where you declare exactly how much money you made and how much tax you paid over the last 12 months.
Here is the simple breakdown of what it actually means:
1. What is the “File”?
It isn’t usually a physical folder; it is a form (often called Form A) where you list:
2. What does “Filing” mean?
Filing is the act of submitting this form to the tax authorities (like the LIRS in Lagos or OYSIRS in Oyo).
When does it happen?
In Nigeria, for individuals and business owners, the deadline is March 31st every year. You are reporting on everything you earned from January to December of the previous year.
Why do it if you already pay tax?
Even if your employer deducts tax every month, the government doesn’t know about your other income (like a side business). Filing the annual return brings all your records together so your tax profile is “clean” and up to date.
Summary in one sentence:
Think of it this way: Filing your annual return is like handing in a yearly “financial report card” to the tax office to confirm that every Naira you earned has been properly accounted for and taxed.
Goodluck!
See lessWhen people talk about “filing annual tax returns”, they mean submitting a formal report to the tax authorities that shows all the income you earned in a year, and the taxes you’ve paid or owe. Let me break it down clearly for you: 1. What “filing” means Filing is the act of submitting your tax infoRead more
When people talk about “filing annual tax returns”, they mean submitting a formal report to the tax authorities that shows all the income you earned in a year, and the taxes you’ve paid or owe. Let me break it down clearly for you:
1. What “filing” means
Filing is the act of submitting your tax information to the government.
It’s usually done once a year, covering the previous year’s income.
In Nigeria, this is done either to the Federal Inland Revenue Service (FIRS) or your State Internal Revenue Service (SIRS), depending on whether you’re a federal or state taxpayer.
2. What goes into the annual return
A typical personal income tax return for a salary earner includes:
Your total income for the year (salary, allowances, bonuses, other sources).
Tax already deducted (PAYE from your employer).
Any allowable deductions or reliefs (like pension contributions, life insurance premiums).
Balance tax payable, if your employer did not deduct enough.
Once submitted, the tax authority can:
Confirm you paid the right amount of tax
Give you a tax clearance certificate (proof you’re tax compliant)
Reconcile any overpayment or underpayment
3. Why filing matters
Even if your employer deducts PAYE:
Filing ensures your records are correct with the tax authority
Helps you avoid penalties if you have additional income
Provides proof of compliance for loans, visas, or government contracts
✅ Simple way to think about it:
Filing your annual tax return = Telling the government:
“Here’s everything I earned this year, here’s what I already paid in tax, and here’s any balance I owe (or refund I should get).”
See less