Taiwo Oyedele, the chairman of the presidential committee on fiscal policy and tax reforms, has reaffirmed that all Nigerian taxpayers, regardless of their income or whether their taxes have already been deducted under the PAYE scheme, must file their annual tax returns by March 31 of each year.

Pay As You Earn, or PAYE, is a system in which employers take income tax out of workers' pay cheques and send it to the government.

During a recent webinar held in collaboration with the Joint Revenue Board, Oyedele provided the explanation.

The meeting, which included chief financial officers, payroll officers, tax managers, and human resource managers, was posted on his YouTube account on Friday.

Speaking during the virtual event, Oyedele pointed out that companies are required by law to file annual tax returns for their workers, which must include estimates of their annual compensation.

In terms of filing taxes, you must submit yearly returns on behalf of your employees as employers. I'm sure a lot of you have already done it.

"If you haven't already, you have a few days remaining to submit those returns, along with estimates of your employee compensation.

In Nigeria, we have not complied in this particular sector. Over 90% of states—including the most developed ones—cannot claim to have a 5% filing rate, according to Oyedele.

He also refuted the idea that workers are not required to file personal income tax returns if their PAYE taxes have already been subtracted.

The fiscal policy expert highlighted that the requirement applies to all taxpayers, even those with low incomes, and that tax officials are working to streamline the filing procedure.

Many people believe they have nothing to do if their employer has withheld PAYE. That is incorrect. You are still required to file your taxes under both the old and new tax regulations.

"The tax authorities, joint revenue boards, and various state internal revenue services are undoubtedly working to simplify and streamline this process.

"Everyone, even those with low incomes, has to file their taxes. You have to submit returns for the prior fiscal year by March 31st of each year," he stated.

According to Oyedele, businesses that benefit from tax incentives must now disclose them while filing their taxes or shortly thereafter.