Do Self Assessment
SELF ASSESSMENT
It is important to note that from 1st January, 1998, it became mandatory for all companies to file self-assessment returns.
BENEFITS OF PROMPT FILLING OF SELF ASSESSMENT RETURNS
These include:
- Non-payment of provisional Tax
- Enjoyment of 1% bonus of tax due; and
- Possibility of enjoying installment payment of taxes upon approval by the tax authority.
WHERE TO FILE?
File with the tax office nearest to the registered address of the company.
WHAT CONSTITUTE LATE FILLING?
For new companies, a return not filed within 18 months from the date of incorporation or within 6 months after the end of its first accounting year is late. For exiting companies returns are late if they are filed after 6 months from the end of the company’s accounting year-end.
WHAT THE BOARD DOES IN CASE OF FAILURE TO FILE AS AND WHEN DUE?
Penalties and interest are imposed in accordance with the provision of the law.
RIGHT AND OBLIGATIONS OF THE TAXPAYER
- The taxpayer has the right to object to an assessment made upon it by the FIRS in writing, within the statutory period of thirty (30) days and stating all the grounds of objection as contained in section 51 of CITA.
- The FIRS could either uphold the objection of the taxpayer and amend the assessment or invalidate the objection and issue a notice of refusal to amend the assessment.
- When the taxpayer disagrees with the Board on an assessment, the taxpayer still has the option to appeal to the Body of Appeal Commissioners to seek redress.
- The taxpayer that is not satisfied with the decision of the Body of Appeal Commissioners has the right to appeal to the Federal High Court within thirty (30) days of the decision by giving notice to the Secretary of the Body of Appeal Commissioner and the FIRS. Further appeal can be made to the court of Appeal and thereafter to the Supreme Court.
- The taxpayer is expected to make full payment of the disputed tax and any penalty that may have accrued if he instituted the appeal. The taxpayer shall not be subject to the above condition if the FIRS instituted the appeal.
OUR ETHICAL CODE
ALL TAX OFFICIALS SHALL
(A) Be Honest and Impartial
1. Not collude with taxpayers to defraud or reduce tax obligations
2. Refuse gratification in any form
3. Not tarnish the image of the Service
4. Pay tax promptly and correctly
(B) Be Courteous, Professional and Diligent
1. Be professional and competent on duty
(C) Educate and encourage the taxpayer to pay taxes as and when due
(D) Implement the tax laws fairly, uniformly and equitably.
ENQUIRIES
All further information or clarifications should be addressed to:
i. Chairman/Chief Executive, FIRS, Plot 15, Sokode Crescent, Zone 5, Wuse Abuja
ii. Director, Tax Policy, research and Development Department Tel:09-52366011, 5236594,6721519, 5236603, 5236602, 5236610, 5236601
iii. The nearest office to me