Why You Must File Your Company Tax Returns Today (Or Risk Daily Penalties)

As a business owner in Nigeria, there are many dates to remember—but June 30th should never be missed if your company runs a December 31st year-end.

This deadline isn’t just another bureaucratic requirement. It has real financial consequences and reputational implications for your business. Having worked as a Chartered Accountant for many years in Nigeria across various industries, I have seen the damage caused by late filings.

Let me walk you through why this matters, what to do immediately, and how you can avoid unnecessary penalties.

What Does the Law Say?

The Companies Income Tax Act (CITA) mandates that every company registered in Nigeria must file its annual returns with the Federal Inland Revenue Service (FIRS) within six (6) months after the end of its financial year.

For many companies whose financial year ends on December 31st, today, June 30th, is the final day to comply.

Whether your company made a profit or not, whether it was active or dormant, filing is compulsory. A failure to file is not taken lightly by the FIRS.

The Cost of Ignoring the Deadline

Starting July 1st, companies that fail to file their returns will incur a penalty of:

• ₦25,000 for the first month of default
• ₦5,000 for every additional day the default continues

Let that sink in: if you delay filing for just 10 days, you’re looking at a minimum fine of ₦75,000.

Beyond monetary loss, late filing can:

• Flag your company as non-compliant
• Hinder your chances of winning government or private contracts
• Make it difficult to access funding or banking facilities
• Attract further scrutiny and audits from tax authorities

This is why we call it a “silent killer” in the accounting world. It chips away at your business reputation and finances.

No Activity? You Still Have to File

Many business owners assume that if they had no revenue or profit, they don’t need to file. This is a dangerous misconception.

The FIRS requires that you file a “Nil return” to confirm that your company was inactive during the period. Failing to file even a nil return still attracts the same penalties as an active business.

In fact, dormant companies have even more reason to stay compliant, especially if they plan to resume full operations or seek investment later.

What You Need to File Today

Here’s a quick checklist of what should be submitted:

• Audited Financial Statements
• Companies Income Tax (CIT) Computation
• Completed and Signed Self-Assessment Forms
• Evidence of Tax Payments (if applicable)
• Capital Allowance Schedule
• Taxpayer Identification Number (TIN)

All these should be uploaded through the FIRS TaxPro Max platform.

If this sounds overwhelming, especially on the last day, don’t worry—this is exactly where professionals like us at FSC Professional Services come in.

Yes, it’s the last day—but you still have time.

We’ve helped dozens of clients complete and file their returns in just a few hours. The key is having your financials audited and signed off, then working quickly with someone who understands the FIRS e-filing system.

You don’t have to do it alone. Even a simple advisory session today could save you thousands in penalties tomorrow.

What Happens After Filing

Once your returns are submitted successfully:

• You’ll receive an Acknowledgement Receipt
• Your records will reflect “compliant” status with FIRS
• You become eligible to obtain a Tax Clearance Certificate (TCC)
• You reduce your audit risk

What If You Miss Today?

If for any reason you miss today’s deadline, the very next best thing is to act first thing tomorrow. Every day counts. Reach out to a tax advisor, prepare your filings, and submit them as soon as possible to reduce how much you’ll owe in penalties.

Remember, compliance is not an event — it’s a culture.

Final Thoughts: It’s Not Just About Avoiding Fines

Filing your company’s tax returns isn’t just about dodging penalties; it’s about running a credible, professional, and future-ready business. Investors, regulators, and clients want to work with businesses that keep their books in order.

So if your company has a December 31 year-end and you haven’t filed yet, act now.

At FSC Professional Services, we provide:

• Fast-track FIRS filing support
• Audit & financial statement preparation
• Expert advice on tax planning and compliance