Corporate and Business Compliance: Housekeeping Matters

S/No.

Returns

Due Filing Date

Documents Required

Companies Income Tax (CIT) Returns

Six (6) months after the Company’s accounting year end

• Duly completed self-assessment form.
• Audited Financial Statements.
• Tax computations.
• Capital allowances computation.
• Schedule of fixed assets.
• Evidence of tax remittance.

Personal Income Tax (PIT) Returns

31^st of March

• Duly completed self-assessment form.
• Duly completed Income Tax Form A.
• Evidence of tax remittance.

Pay-As-You-Earn (PAYE) Remittance

10^th of the month following the month in which deductions were made

PAYE returns schedule

Annual PAYE Returns

31^st of January

• Completed Form A.
• Completed Form H1 (Annual Income Declaration).
• Schedule of Tax deduction containing the required information.
• Evidence of tax remittance.

Withholding Tax (WHT) Returns

21^st of every month

• WHT Form 007
• Schedule of WHT deducted containing other required information.
• Evidence of remittance

Value Added Tax (VAT) Returns

21^st of every month

Duly completed VAT Form 002.

Estimated Petroleum Profit Tax (PPT) Returns

Two (2) months following the commencement of the Company’s accounting period

• A statement of estimated income and expenses for the period.
• Statement of estimated adjusted profit and loss.
• Estimated tax and capital allowances computation for the period.
• Computation of estimated monthly tax payment.

Annual Petroleum Profit Tax (PPT) Returns

Not later than five (5) months after the Company’s accounting period

• Audited Financial Statement and accounts for the period.
• Statement showing all qualifying expenditure incurred during the period.
• Computation of chargeable profits and loss for the period.
• Statement of other sums deductible, the liabilities of which were incurred for the period.
• Computation of Capital allowances claimable for the period.
• Computation of actual (and final) tax payable for the period.
• Signed declaration of the correctness of the returns.
• Evidence of remittance of the final tax.

Report on the Adoption and Compliance with the Nigerian Code of Corporate Governance
(For entities required to comply which are: Public Companies (whether listed on an exchange or not); Private Companies that are holding companies of public companies or other regulated entities; Concessioned or privatised companies; Regulated Private Companies that file returns to any regulatory authority other than the Federal Inland Revenue Service (FIRS) and the Corporate Affairs Commission (CAC).

• 29^th of December 2021 for Companies with 30^th September year end.
• 29^th of January 2022 for Companies with 31^st October year end.
• 28^th of February 2022 for Companies with 30^th November year end.
• 31^st of March 2022 for Companies with 31^st December year end.

Governance Report containing a summary of the following:

• Processes used in relation to all board appointments.
• Report of the Company’s annual corporate governance evaluation and the extent of the application of the Code.
• The name of the consultants and independent experts engaged.
• Remuneration policy.
• Risk management framework.
• Clear information on the company’s governance structures, policies, and practices.