Staying compliant with the Federal Inland Revenue Service (FIRS) is essential for every Nigerian business. Missing tax deadlines can lead to heavy penalties, interest charges, and unnecessary stress — all of which can easily be avoided with proper planning.
At Faturoti Taiwo & Co., Chartered Accountants, we help businesses across Nigeria stay tax-compliant and organised throughout the year. In this article, we highlight the five most important FIRS tax deadlines every business owner should know — and how to stay ahead of them.
1. Value Added Tax (VAT) Filing – 21st of Every Month
Every VAT-registered business in Nigeria must file its VAT returns with FIRS on or before the 21st day of the following month.
This includes declaring VAT collected from customers and the VAT paid on purchases.
Example:
For transactions in September 2025, VAT must be filed and paid by 21 October 2025.
Tip: Late filing attracts penalties of ₦50,000 for the first month and ₦25,000 for each subsequent month.
Learn more about VAT filing – FIRS
2. Withholding Tax (WHT) Returns – 21st of Every Month
Businesses are required to deduct Withholding Tax (WHT) from specific payments (like rent, contracts, professional services, and commissions) and remit it to FIRS by the 21st day of the month following the transaction.
Failing to remit WHT on time attracts penalties and interest.
Example:
If you paid a contractor in August 2025, WHT must be remitted by 21 September 2025.
More on Withholding Tax – FIRS
3. Company Income Tax (CIT) Filing – 6 Months After Year-End
All registered companies in Nigeria are required to file Company Income Tax (CIT) returns within six months after the end of their accounting year.
Example:
If your company’s financial year ends on 31 December 2025, the CIT filing deadline is 30 June 2026.
Penalty for late filing: ₦25,000 in the first month and ₦5,000 for every subsequent month.
Company Income Tax – FIRS Guide
4. Education Tax (EDT) Returns – Alongside CIT
Every Nigerian company is also required to file Education Tax returns (currently at 2.5% of assessable profit) at the same time as its Company Income Tax return.
This tax contributes to funding education in Nigeria and must not be overlooked.
5. Personal Income Tax (PIT) for Directors & Sole Proprietors – 31 March Every Year
While Personal Income Tax for employees is managed through PAYE (Pay As You Earn) under the state tax authority (like LIRS), company directors and sole proprietors must file their annual returns with FIRS by 31 March every year.
This covers income earned in the previous year.
Personal Income Tax Guide – FIRS
Why These Deadlines Matter
Ignoring or missing these FIRS deadlines can lead to:
- Heavy financial penalties
- Legal action from tax authorities
- Suspension of your Tax Identification Number (TIN)
- Difficulty obtaining tax clearance certificates
Being proactive with your tax calendar protects your business reputation and financial stability.
How Faturoti Taiwo & Co. Can Help
At Faturoti Taiwo & Co., we provide:
- Tax compliance and filing services (FIRS & LIRS)
- VAT, WHT, CIT, and PAYE management
- Business tax advisory and planning
- Assistance with tax audits and clearance certificates
Contact Faturoti Taiwo & Co. today to stay compliant and avoid penalties.
Tax compliance in Nigeria doesn’t have to be stressful. By keeping track of key FIRS deadlines and partnering with experienced accountants, your business can stay on top of its obligations with ease.
Let Faturoti Taiwo & Co. handle your tax filings, so you can focus on growing your business confidently and legally.