| FIRS: PUBLIC NOTICE ON SUBMISSION OF SELF ASSESSMENT INCOME TAX RETURNS |
NOTICE IS HEREBY GIVEN TO THE TAXPAYING PUBLIC THAT HENCEFORTH INCOME TAX RETURNS SUBMITTED TO FIRS BY CORPORATE BODIES MUST INCLUDE THE FOLLOWING, TO BE ADMISSIBLE FOR INCOME TAX PURPOSES:
i. Original copies of Financial Statements for the relevant financial year which must contain:
-The Auditor's Report carrying the seal of the principal partner of the audit firm and the official stamp of the
professional body under which the audit firm Is practising (ICAN or ANAN)
-The Balance Sheet, with the signatures of 2 directors appended there to
-Income statement - Chairman's report
-Directors Report
-Cashflow statement - Value Added Statement
-Notes to the financial statement - A five-year financial summary
ii. Capital Allowances Computation
,
iii. Income Tax Computation, including Minimum Tax (where applicable) in comparison with the normal tax
computation.
iv. Relevant schedules to the financial statements, e.g. fixed assets, debtors, creditors.
v. Duly completed Self-Assessment Forms for the relevant tax types (Income Tax, Education etc). The form
must be endorsed by a principal officer of the company. Self Assessment Forms are available free of charge,
from any FIRS field office.
vi. Evidence of payment of the full amount of tax assessed or part thereof, in the case of an earlier approved
instalmental payment arrangement.
vii. Every company filing income tax returns must also disclose:
a. the quantum of its income that suffered tax deduction at source, segregating between those for which credit
notes had been received and those still in transit indicating the names of persons/agencies which made the
deductions;
b. the quantum of its expenditure it subjected to tax deduction at source and segregating them in the same way
as in (a) above;
c. the quantum of output VAT it charged on its invoices, isolating those it had accounted for to FIRS from those it
had not accounted for;
d. the quantum of its expenditure which suffered input VAT, segregating between those that had been
accounted for and otherwise; and
e. the quantum of Pay As You Earn(PA YE) which it deducted and remitted to the appropriate tax authority.
Items ii-vii must be endorsed by a Tax Practitioner as defined under section 22 of the CITN Act Cap C 1 0 of 2004.
This notice has become necessary to curb the rampant incident of touting. which has robbed the nation and indeed
genuine practising Accounlants/Tax Practitioners billions and millions of Naira respectively.
Practising Accountants and Tax Advisers are also hereby put on the alert to keep their vital documents and
professional tools in safe custody outside the reach of unauthorised persons to avoid falling victim to touts who may
want to use such documents and tools for fraudulent activities.
The FIRS is ready to confront all touts, in whatever disguise who parade themselves within and around its offices
Nationwide.
Practitioners whose documents and tools find their way to the hands of touts will be prosecuted along with such tout
as accomplices.
This notice takes effect from 1st September. 2008. All officers of FIRS, particularly Regional Coordinators and Tax
Controllers are by this notice authorised to reject any income tax returns that do not meet the foregoing stipulated
requirements for acceptable returns for income tax purposes.
IFUEKO OMOIGUI OKARU
Executive Chairman
Federal Inland Revenue Service (FIRS)
Abuja.
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