Nigerian Tax Expert Urges Timely Tax Filing to Avoid Penalties

Taiwo Oyedele, a tax expert, highlights the necessity for employers and individuals in Nigeria to file tax returns by January 31 and March 31, respectively, to adhere to new tax regulations. Oyedele clarifies that non-compliance is widespread in Nigeria, with only a small percentage meeting tax return filing requirements.

He explains the power of substitution in tax laws, allowing authorities to act when taxpayers fail to file returns or provide accurate information. Oyedele assures Nigerians of efforts to simplify the tax filing process and enhance compliance.

The new tax legislation includes incentives for businesses but also mandates disclosure of such incentives in tax returns. Oyedele outlines the process of tax objection and appeal, emphasizing the consequences of non-payment and the authority's power to recover owed taxes.

The new tax laws aim to strengthen safeguards against abuse and enhance compliance through tax tribunals.