Deadline For Payment Of Annual Returns By Business Names, Firms And Individuals.Daily Law Tips (Tip 496) by Onyekachi Umah, Esq., LLM. ACIArb(UK)
You can establish and run a business in Nigeria, either as a register company or as a registered business name with the Corporate Affairs Commission (CAC). To show that your company or business name is still in existence among other things, you are expected to file an “Annual Returns” for your business every year. Annual return is not tax. Tax goes to Federal or State Tax Offices while Annual Return goes to Corporate Affairs Commission, only. Annual return is paid whether your business made profit or loss.
For business names, annual returns must be filed and paid every year on or before 30 June. However, business names have waiver from filling and paying annual returns for the year they were registered.
Failure to pay annual return is punishable with a fine of #200 and a daily default fee of #25 as provided by law. However, in practice, CAC has amended the fines to flat rate of #2,500.00 per annum.
References;
Sections 587, 588 and 613 of the Companies and Allied Matters Act, 1990.
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Feel free to reach the author, ask questions or make inquiries on this topic or any other legal issues via onyekachi.umah@gmail.com or +2348037665878.
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