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COMPANIES INCOME TAX ACT:
STATUTORY REQUIREMENTS FOR
FILING COMPANY RETURNS
July 2009 Vol. 22: Issue 7
By virtue of section 55 of the
Companies Income Tax Act, 2004 every
company shall, with or without notice
from the Federal Inland Revenue
Services (FIRS), fill a self-assessment
returns with the FIRS in a prescribed
form at least once a year. The major
objectives of filing returns are to assess
the amount payable as tax on the
income of a company. Secondly, to
ensure that companies comply with the
provisions of the Act as to payment of
companies’ income tax.
Such returns shall include the
audited accounts, tax and capital
allowance computation for the year of
assessment with a true and correct
statement in writing. The statement
shall contain the amount of profit from
each and every source computed. In
addition, the returns shall also include a
duly completed self-assessment form as
may be prescribed by the FIRS, attested
to by a director or secretary of the
company.
The attestation shall contain a
declaration that the returns contain a
true and correct statement of the
company’s profits computed in respect
©Blackfriars LLP 2010. All rights reserved. This document is for general guidance only. Definitive advice
should be sought from counsel if required. Blackfriars LLP, The Penthouse Floor, Itiku House, 28-30
Macarthy Street, Lagos. Tel: +234 1 739 0397; +234 1 736 9797; +234 1 736 9795; Fax: +1 646 536 8978.
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of all sources in accordance with the
Act. It shall also state that the particulars
given in such returns are true and
complete. Lastly, the returns shall
provide evidence of payment of the
whole or part of the tax due.
Section 94 of the Act provides that
where a person knowingly makes, aids,
abets or induces any person to make a
false statement for the purposes of
obtaining any deduction, set-off or relief
in respect of tax for any company, shall
be guilty of an offence. There is a similar
provision in section 42 of the Federal
Inland Revenue Services
(Establishment) Act 2007. In other
words false declaration amounts to an
offence punishable under the law.
The time frame for filing the returns
as provided by the Act is, within the
period of six months after the end of the
company’s accounting year for a
company that has been in business for
more than eighteen months. In the case
of a newly incorporated company the
period of filling its returns is, within the
period of eighteen months from the date
of its incorporation or, not later than six
months after the end of its first
accounting period, whichever is earlier.
Any company that fails to comply
with this provision shall be liable to a
fine.
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For further information, please contact:

Dr. Ikechi Mgbeoji

Email: Ikechi@blackfriars-law.com
Tel: + 234 1 739 0397
Fax: +1 646 536 8978

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©Blackfriars LLP 2010. All rights reserved. This document is for general guidance only. Definitive advice
should be sought from counsel if required. Blackfriars LLP, The Penthouse Floor, Itiku House, 28-30
Macarthy Street, Lagos. Tel: +234 1 739 0397; +234 1 736 9797; +234 1 736 9795; Fax: +1 646 536 8978.
http: www.blackfriars-law.com Email: info@blackfriars-law.com