Financial Q&A: Your Questions Answered
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General Tax Questions
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What is the Power of Substitution in Tax Administration?
Understanding the 'Power of Substitution' in Nigerian Tax Administration: Dispelling the Confusion
How do I appeal against tax penalties?
In 2026, the Nigeria Tax Administration Act (NTAA) 2025 has streamlined the appeal process to make it more digital and transparent. If you believe a tax penalty (such as the ₦100,000 late filing fee) was issued in error or due to circumstances beyond your control, you have a three-tiered window for appeal.
When should new businesses start filing taxes?
In 2026, the transition to the Nigeria Tax Act 2025 has changed the timeline for new businesses. Compliance is now more integrated, meaning your tax journey begins almost the moment you receive your CAC certificate. Here is the timeline for when a new business should start filing:
Can I get an extension for tax filing?
In 2026, under the Nigeria Tax Administration Act (NTAA) 2025, you can request an extension for tax filing, but it is not guaranteed. The Nigeria Revenue Service (NRS) has strict guidelines for such requests.
What happens if a deadline falls on a weekend?
In 2026, the rule for deadlines falling on a weekend or public holiday depends on whether you are dealing with the NRS (Tax) or the CAC (Registration). Under the Nigeria Tax Administration Act (NTAA) 2025, the government has standardized the approach to "non-business days."