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Results: 4 Answers
Corporate Tax
6.
Compliance
6.1
What are the deadlines for filing company tax returns and paying the relevant tax?
 
Nigeria
The due date for filing company tax returns is six months after the company’s accounting year end. However, a new company must file its company tax returns within 18 months of the date of incorporation or six months after the end of its first accounting period, whichever is earlier.

The due date for payment of company income tax is two months after filing for a lump-sum payment. In the case of instalment payments approved by the Federal Inland Revenue Service, the due date shall not exceed three instalments.

For more information about this answer please contact: Taiwo Oyedele from PwC Nigeria
6.2
What penalties exist for non-compliance, at corporate and executive level?
 
Nigeria
The penalties for a company’s failure to file tax returns are NGN 25,000 in the first month in which the failure occurs and NGN 5,000 for each subsequent month in which the failure continues.

A responsible officer (ie, a director, manager, secretary or other similar officer or servant/agent) of the company may, upon conviction for non-compliance, be liable to a fine of up to NGN 100,000 or two years’ imprisonment.

For more information about this answer please contact: Taiwo Oyedele from PwC Nigeria
6.3
Is there a regime for reporting information at an international or other supranational level (eg, country-by-country reporting)?
 
Nigeria
Yes, on 17 August 2017 Nigeria signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and the Common Reporting Standard Multilateral Competent Authority Agreement. Nigeria also has country-by-country reporting regulations.

For more information about this answer please contact: Taiwo Oyedele from PwC Nigeria