acmeprofessionals

25/06/2026

24/06/2026

NRS Clarifies Filing of 2025 Companies Income Tax Returns Under the New Tax Laws

The Nigeria Revenue Service (NRS) has issued a circular dated 23 June 2026 notifying taxpayers that Companies Income Tax (CIT) Returns relating to the 2025 accounting year (2026 Year of Assessment) are to be filed and administered under the provisions of the Nigeria Tax Act (NTA), 2025 and the Nigeria Tax Administration Act (NTAA), 2025, which took effect from 1 January 2026.

This clarification means that all eligible companies filing their 2025 CIT Returns will be subject to the requirements, procedures, penalties, and compliance provisions contained in the new tax laws—not the repealed tax legislation.

One important area every business owner should pay attention to is the significantly increased penalty for late filing of Companies Income Tax Returns under the new tax regime:

✅ ₦100,000 penalty is imposed for the first month of default.
✅ An additional ₦50,000 is charged for every subsequent month the failure continues.

For example, where a company's filing deadline is 30 June 2026 and the return is not submitted by that date, a penalty of ₦100,000 becomes due from 1st July 2026, being the first month of default. If the return remains outstanding by 1 August 2026, an additional ₦50,000 is imposed, bringing the total penalty to ₦150,000. The penalties continue to accumulate monthly until the return is filed, regardless of the size of the company

Every Limited Liability Company is required to file an annual Companies Income Tax Return, whether small or large, made profit or loss, generated revenue or not, conducted business or not.

Where a company had no business activity during the year, a NIL Return should still be filed within the statutory deadline. Filing a NIL Return on time costs nothing, whereas delaying compliance may result in substantial penalties and interest.

The question for every business owner is simple:

Would you rather file a NIL Return on time and pay nothing, or delay filing and accumulate avoidable penalties and interest?

Tax compliance is no longer optional, and Non-compliance is now very🫰!

10/06/2026

𝗘𝘃𝗲𝗿𝘆 𝗧𝗮𝘅 𝗖𝗹𝗲𝗮𝗿𝗮𝗻𝗰𝗲 𝗖𝗲𝗿𝘁𝗶𝗳𝗶𝗰𝗮𝘁𝗲 𝗛𝗮𝘀 𝗮 𝗦𝘁𝗼𝗿𝘆 𝗕𝗲𝗵𝗶𝗻𝗱 𝗜𝘁.

A Tax Clearance Certificate is not obtained by chance. It is the result of consistent compliance, accurate record-keeping, and proper tax management.

The foundation of every successful compliance journey is a robust accounting and record-keeping system. Effective tax planning can only thrive when your business records are accurate, organized, and up to date.

For example, to qualify for certain small business tax incentives, a business must be able to demonstrate that its annual turnover does not exceed ₦100 million and that its qualifying fixed assets remain within the prescribed threshold. While many business owners may have a general idea of their figures, only proper accounting records can provide accurate, documented, verifiable, and defensible information when required by tax authorities or other stakeholders.

Many tax disputes, assessments, and penalties arise not because businesses intentionally default, but because they cannot provide adequate records to support their transactions and tax positions. Poor record-keeping makes compliance difficult, costly, and stressful.

At Acme Professionals, we help businesses establish sound accounting systems, maintain accurate records, meet statutory obligations, and achieve seamless tax compliance.

Whether you need bookkeeping services, tax advisory, tax clearance processing, financial statement preparation, audit support, or a complete compliance framework review, we are ready to assist.

📞 Call/WhatsApp: 08056966669
📧 Email: [email protected]
🌐 Website: www.acmeprofessionals.com.ng⁠�
📍 Office Address: 82 Murtala Muhammed Way, Ebute-Metta, Lagos

𝗙𝗿𝗼𝗺 𝗕𝗼𝗼𝗸𝗸𝗲𝗲𝗽𝗶𝗻𝗴 𝘁𝗼 𝗧𝗮𝘅 𝗖𝗼𝗺𝗽𝗹𝗶𝗮𝗻𝗰𝗲 — 𝗪𝗲 𝗪𝗮𝗹𝗸 𝗬𝗼𝘂 𝗧𝗵𝗿𝗼𝘂𝗴𝗵 𝘁𝗵𝗲 𝗣𝗿𝗼𝗰𝗲𝘀𝘀.

27/06/2025

What the Nigeria Tax Act means for Chartered Accountants

08/04/2025

𝐌𝐞𝐞𝐭 𝐘𝐨𝐮𝐫 𝐄𝐱𝐩𝐞𝐫𝐭....

08/04/2025

Beware of SCAMMERS!

08/04/2025

Plan to attend! Promises to be insightful...

07/04/2025

𝐀𝐫𝐞 𝐲𝐨𝐮𝐫 𝐭𝐚𝐱 𝐫𝐞𝐜𝐨𝐫𝐝𝐬 𝐮𝐩 𝐭𝐨 𝐝𝐚𝐭𝐞?

Don't fall foul of the law — 𝗶𝗴𝗻𝗼𝗿𝗮𝗻𝗰𝗲 𝗶𝘀 𝗻𝗼𝘁 𝗮𝗻 𝗲𝘅𝗰𝘂𝘀𝗲. Stay compliant and avoid penalties by keeping track of your tax due dates.

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📆 Swipe through key tax deadlines for April 2025.

𝙽𝚎𝚎𝚍 𝚑𝚎𝚕𝚙 𝚠𝚒𝚝𝚑 𝚢𝚘𝚞𝚛 𝚏𝚒𝚕𝚒𝚗𝚐𝚜? 𝙻𝚎𝚝 𝚝𝚑𝚎 𝚎𝚡𝚙𝚎𝚛𝚝𝚜 𝚊𝚝 𝐀𝐜𝐦𝐞 𝐏𝐫𝐨𝐟𝐞𝐬𝐬𝐢𝐨𝐧𝐚𝐥𝐬 𝚐𝚞𝚒𝚍𝚎 𝚢𝚘𝚞.

🔹 𝙸 𝚊𝚖 𝚂𝚘𝚕𝚊 𝚃𝚊𝚒𝚠𝚘, 𝚢𝚘𝚞𝚛 𝚃𝚛𝚞𝚜𝚝𝚎𝚍 𝙵𝚒𝚗𝚊𝚗𝚌𝚒𝚊𝚕 𝙲𝚘𝚗𝚏𝚒𝚍𝚊𝚗𝚝!