US & CO. "Chartered-Accountants"

14/04/2026

This article provides a clear and professional overview of the role of tax consultants, the importance of compliance, and practical insights into navigating Nigeria’s tax system in line with applicable laws and ethical standards.

In Nigeria’s evolving fiscal environment, tax complance has become an essential aspect of responsible business operations. For organisations operating in Lagos—the commercial hub of Nigeria—working with qualified tax consultants can help ensure adherence to statutory requirements while support...

14/04/2026

Professional guidance helps ensure accuracy, compliance with current laws, and proper handling of tax matters.

Operating a business in Nigeria comes with clear tax responsibilities. Compliance is not only a statutory requirement but also an important part of maintaining credibility, managing risk, and supporting long-term growth. This guide provides a structured overview of business tax compliance in Nigeria...

14/04/2026

Failure to comply may result in fines, interest charges, and restrictions on business operations.

Understanding the Nigerian Tax Framework Taxation in Nigeria is regulated by a combination of federal and state laws. Key authorities include: The Federal Inland Revenue Service (FIRS) – responsible for federal taxes State Internal Revenue Services (e.g., Lagos State Internal Revenue Service) – ...

11/04/2026

11/04/2026

Late Tax Filing Costs More
Penalties and interest increase daily.
Filing late is more expensive than filing right and on time.

Tax compliance in Nigeria is a statutory obligation that plays a central role in business sustainability and national development. For business owners, understanding filing requirements, applicable laws, and available reliefs is essential for maintaining proper financial standing and avoiding regula...

07/04/2026

Company Registration in Nigeria with Corporate Affairs Commission (CAC)

01/04/2026

How to Calculate Your New PAYE Tax in Nigeria (and Why Professional Guidance is Recommended)
Hey there, business owner! Let’s talk about something that can seem complex: taxes. Specifically, the Pay-As-You-Earn (PAYE) tax in Nigeria. Understanding it is key to running a smooth and legal business in Nigeria. This guide will break down the essentials for you and explain how the support of a professional firm like US & CO. (Chartered Accountant) can be beneficial.

Why You Need Professional Guidance from a Firm Like US & CO. (Chartered Accountant)

30/03/2026

A Guide to PAYE Tax Compliance and Statutory Deadlines in Nigeria
For business entities operating in Nigeria, understanding the Pay-As-You-Earn (PAYE) tax system is a fundamental aspect of regulatory compliance. Adhering to the established tax laws is essential for maintaining the legal standing and operational continuity of any enterprise.

Statutory Tax Deadlines in Nigeria
Timely remittance is the primary method of avoiding administrative penalties and interest. Below are the key deadlines as stipulated by the relevant tax authorities:

PAYE (Pay-As-You-Earn): Taxes deducted from employee emoluments must be remitted to the relevant State Internal Revenue Service (e.g., LIRS for Lagos State) by the 10th day of the month following the deduction.

VAT (Value Added Tax): VAT collected on taxable goods and services must be remitted by the 21st day of the month following the transaction.

Companies Income Tax (CIT): CIT filings and payments are due within six months after the end of the company's financial accounting year.

The Implications of Non-Compliance
Failure to meet tax obligations can result in several institutional challenges:

Financial Penalties: Late filings attract statutory fines and accruing interest, which may create an avoidable financial burden on the business.

Regulatory Constraints: A valid Tax Clearance Certificate (TCC) is a prerequisite for government contracts, banking facilities, and certain licensing applications.

Audit Liabilities: Inaccuracies in self-filed returns may be identified during future tax audits, leading to significant back-tax liabilities.

The Role of Professional Guidance
The Nigerian tax landscape is subject to periodic updates via Finance Acts and circulars from the Federal Inland Revenue Service (FIRS) and State boards. Engaging a firm of Chartered Accountants provides several technical advantages:

Technical Accuracy: Professional oversight helps ensure that tax computations align with the latest legislative provisions.

Statutory Planning: Accountants provide guidance on legitimate tax planning within the framework of the law to prevent overpayment or underpayment.

Administrative Support: From Corporate Affairs Commission (CAC) filings to tax dispute resolution, a professional firm manages the technical documentation, allowing management to focus on core operations.

Professional Assistance
UBOH SUNDAY & CO. (Chartered Accountants) provides structured tax advisory and accounting services to assist businesses in meeting their statutory obligations. Our services are conducted in accordance with professional standards to ensure accuracy and compliance.

Contact Information:

Address: 133 Okota Rd., Okota, Lagos.

Telephone/WhatsApp: 08056219998

Email: [email protected]

Website: www.usc.com.ng

29/03/2026

Statutory Compliance: Key Nigerian Tax Deadlines for 2026

Maintaining a clear regulatory standing requires consistent adherence to the filing timelines stipulated by Nigerian tax authorities. The following deadlines represent the primary monthly and annual obligations for businesses and individuals:

PAYE (Pay-As-You-Earn): Remittance is due by the 10th day of the month following the deduction.

VAT & Withholding Tax (WHT): Filing and remittance are due by the 21st day of the following month.

Annual PAYE Returns: Employers must file returns for the preceding year by January 31st.

Personal Income Tax (PIT): Direct assessment filings are due by March 31st.

Companies Income Tax (CIT): Returns must be submitted within six months after the company's accounting year-end.

Effective tax management involves the continuous alignment of business operations with current fiscal legislation. UBOH SUNDAY & CO. (Chartered Accountants) provides professional technical support to assist entities in meeting these statutory requirements.

Contact for Professional Inquiries:
Address: 133 Okota Rd., Okota, Lagos.

Call/WhatsApp: 08056219998

Email: [email protected]

Website: www.usc.com.ng