Small businesses exempted from tax must file annual returns - FIRS
[NigerianEye - Nigeria] - 26/11/2025
The Federal Inland Revenue Service (FIRS) says small businesses will still go through the full tax computation process from 2026, even though they will not be required to pay tax. Speaking in a webinar on Wednesday, Kehinde Kajesomo, FIRS deputy director, said the revenue service will calculate such businesses’ assessable profits, deduct capital allowances and losses, and arrive at total profits before applying the zero tax rate. “But what it means is that they will undergo the process of computing their taxable profits, and they will file these returns with the tax authority,” Kajesomo (…)
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