Tax compliance in Nigeria is no longer optional — and for businesses operating in Lagos and across the country, staying compliant with both federal and state tax authorities is critical to survival and growth.
Non-compliance with the Federal Inland Revenue Service (FIRS) and the Lagos State Internal Revenue Service (LIRS) can result in heavy penalties, business disruptions, and reputational damage.
At Faturoti Taiwo & Co. (FTandCo.), we help businesses of all sizes navigate Nigeria’s complex tax environment with confidence. This article explains how we support businesses to remain fully FIRS & LIRS compliant, avoid penalties, and focus on growth.
Why FIRS & LIRS Compliance Matters for Nigerian Businesses
Every registered business in Nigeria has tax obligations at both federal and state levels. These include:
- Company Income Tax (CIT)
- Value Added Tax (VAT)
- Withholding Tax (WHT)
- Personal Income Tax (PIT)
- PAYE (Pay As You Earn)
- Education Tax
- Other statutory levies
Failure to comply can lead to:
❌ Penalties and interest
❌ Tax audits and investigations
❌ Sealing of business premises
❌ Loss of contracts and funding opportunities
Proactive compliance is the safest and most cost-effective approach.
Comprehensive Tax Registration Support
FTandCo. ensures businesses are properly registered with the relevant authorities from the start.
We assist with:
- Tax Identification Number (TIN) registration
- FIRS registration for corporate taxes
- LIRS registration for PAYE and PIT
- VAT registration and activation
- State tax registration for business owners and directors
Proper registration lays the foundation for smooth compliance.
Accurate and Timely Tax Filing
One of the most common compliance issues Nigerian businesses face is late or incorrect tax filing.
FTandCo. manages:
- Monthly VAT returns
- Monthly PAYE remittances
- Withholding Tax filings
- Annual Company Income Tax (CIT) returns
- Personal Income Tax returns for directors and sole proprietors
By maintaining strict filing schedules, we help clients avoid penalties and unnecessary tax exposure.
Tax Planning to Reduce Risk and Cost
Compliance is not just about filing returns — it’s also about paying the right amount of tax.
Our tax planning services help businesses:
- Identify allowable deductions
- Structure operations tax-efficiently
- Avoid overpayment of taxes
- Plan for future tax liabilities
- Improve cash flow through better tax timing
All strategies are fully compliant with Nigerian tax laws.
Payroll and PAYE Compliance Management
Payroll errors are one of the fastest ways to attract LIRS attention.
FTandCo. supports employers with:
- PAYE registration and setup
- Monthly payroll processing
- Accurate PAYE deductions
- Timely remittance to LIRS
- Payroll documentation and record-keeping
This ensures staff taxes are handled correctly and transparently.
Audit Support and Tax Health Checks
Many businesses only think about compliance when they receive a tax audit notice — often too late.
We offer:
- Tax health checks to identify risks early
- Pre-audit reviews of records and filings
- Representation during FIRS or LIRS audits
- Resolution of outstanding tax issues
- Support with Tax Clearance Certificates (TCCs)
Our proactive approach reduces stress and protects business continuity.
Digital Record-Keeping and Compliance Systems
With increasing digitisation by tax authorities, manual records are no longer sufficient.
FTandCo. helps businesses:
- Set up accounting software
- Maintain accurate financial records
- Track tax liabilities in real time
- Prepare audit-ready documentation
This improves transparency and long-term compliance.
Why Businesses Choose Faturoti Taiwo & Co.
Clients trust FTandCo. because we offer:
✔ Deep knowledge of Nigerian tax laws
✔ Practical, business-focused solutions
✔ Timely and accurate tax filings
✔ Proactive compliance monitoring
✔ Professional representation before tax authorities
We work with SMEs, large companies, NGOs, and startups across Nigeria.
Staying compliant with FIRS and LIRS is not just about avoiding penalties — it’s about building a credible, sustainable business.
With expert guidance from Faturoti Taiwo & Co., businesses can:
✔ Stay compliant
✔ Reduce tax risks
✔ Improve financial clarity
✔ Focus on growth with confidence
Need help with FIRS or LIRS compliance?
Faturoti Taiwo & Co. is ready to support your business every step of the way.