The Federal Capital Territory Internal Revenue Service (FCT-IRS) announces January 31, 2025, as the deadline for employers to submit their 2024 annual tax returns. This directive applies to private companies, government Ministries, Departments, Agencies (MDAs), and other employers within the FCT.
FCT-IRS Acting Executive Chairman, Michael Ango, explains that all employers must file returns detailing employee earnings and taxes deducted for the previous year. This requirement aligns with Section 81 of the Personal Income Tax Act (PITA) 2011 (as amended) and the Pay-As-You-Earn (PAYE) regulations.
Employers must use the prescribed forms for submissions, and non-compliance may result in penalties and interest. “Voluntary compliance is the best approach, and we encourage all employers to meet this obligation to avoid legal consequences,” Ango states.
Employers who fail to meet the January 31 deadline face a 10% penalty and interest calculated at the prevailing Central Bank of Nigeria rate, currently 26.75%. Beyond legal compliance, Ango highlights the importance of tax contributions in supporting the Federal Capital Territory’s development.
“Taxes help fund essential infrastructure and contribute to transforming the FCT into a modern city under the leadership of Minister Nyesom Wike,” Ango notes.
Employers using the Integrated Payroll and Personnel Information System (IPPIS) must file their returns independently, as IPPIS does not handle this on their behalf. Monthly PAYE deductions must also be remitted by the 10th of each subsequent month to avoid additional penalties.
Key Takeaways
- Deadline: January 31, 2025
- Applicability: Private companies, MDAs, and other employers in the FCT
- Legal Framework: Section 81 of PITA 2011 and PAYE regulations
- Penalties: 10% fine and interest at 26.75% for non-compliance
- Purpose: Contributions support FCT development and modernization
Employers are urged to ensure compliance promptly to avoid sanctions and support regional progress.
 announces January 31, 2025, as the deadline for employers to submit their 2024 annual tax returns. This directive applies to private companies, government Ministries, Departments, Agencies (MDAs), and other employers within the FCT.){kind=link}