According to Section 24 of the Constitution of the Federal Republic of Nigeria 1999, as amended: “It shall be the duty of every citizen to declare his income honestly to appropriate and lawful agencies and pay his tax promptly”. This is a legal requirement and it is fundamental to the successful operations of the country. Mind you, it is not an option or a recommendation but an obligation of every Nigerian citizen.
Every taxpayer has certain rights such as: right to non-discrimination, transparency and accountability, adequate notice and information, redress, compliance assistance amongst others. But with these rights come responsibilities and obligations that must be fulfilled in compliance with the country’s tax laws. Some taxpayers fall short in fulfilling their tax obligations not necessarily because they want to but for lack or poor understanding of these obligations.
Another obligation expected of taxpayers is record keeping. Taxpayers are required to maintain accurate and up-to-date records of their financial transactions, including income, expenses, assets, and liabilities. These records are essential for filing tax returns, substantiating deductions, and complying with tax audits. Record keeping is not common practice among small businesses. Yet it is the foundation for fulfilling your tax obligations.
Flowing from this obligation is the obligation to pay taxes—the most commonly spoken about obligation. Taxpayers have an obligation to pay the taxes they owe to the relevant tax authorities. This includes the timely remittance of Personal Income Tax, Companies Income Tax, Value Added Tax, Withholding Tax, and other applicable taxes. They also owe it as an obligation to comply with tax deductions.
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