Tax season has a way of sneaking up on businesses, but missing a deadline isn’t just a small oversight—it can lead to hefty penalties, unnecessary stress, and even legal trouble. In Nigeria, corporate tax filing is not just a regulatory requirement; it’s a crucial part of maintaining your business’s financial health and credibility.

For most companies, the deadline for filing Company Income Tax (CIT) is six months after the end of the financial year. If your fiscal year ends in December, for example, your tax filing deadline would be June 30th of the following year.

Then there’s Value Added Tax (VAT) and Withholding Tax (WHT)—both must be filed on or before the 21st of every month for transactions in the previous month. A delay here could mean extra costs eating into your profits.

Don’t forget Pay-As-You-Earn (PAYE) tax, which must be remitted by the 10th of every month for employee salaries paid in the previous month. Failing to do so doesn’t just affect your compliance status—it puts your employees’ tax records at risk too.

So, what happens if you miss a deadline? Late filing comes with financial penalties that can quickly add up. For CIT, companies face fines starting at ₦25,000 for the first month and ₦5,000 for each subsequent month. For VAT and WHT, penalties start at ₦50,000 for the first month and ₦25,000 for each month after that. These fines can pile up fast and disrupt your cash flow.

The good news? Staying compliant is easier than you think. Set reminders, automate payments where possible, and work with tax professionals who ensure you never miss a deadline.

At JO Awoyemi & Co., we help businesses stay on top of their tax obligations so they can focus on growth, not penalties. Need help with corporate tax filing? Let’s talk.