TYPES OF TAX TO FILE ON REV360: A Practical Guide for Nigerian Taxpayers

TYPES OF TAX TO FILE ON REV360: 
A Practical Guide for Nigerian Taxpayers

Tax compliance is an important aspect of running a business in Nigeria. With the introduction of the Federal Inland Revenue Service (FIRS) REV360 platform, taxpayers can file various tax returns electronically, monitor compliance obligations, and manage their tax accounts more efficiently.

This guide explains the major tax types that can be filed through REV360, how the filing process works, why compliance matters, and practical considerations for businesses seeking to meet their tax obligations under Nigerian tax laws.

Prepared for educational purposes by US & CO. (Chartered Accountant).

Understanding REV360

REV360 is the digital tax administration platform introduced by the Federal Inland Revenue Service to facilitate tax registration, tax filing, payment processing, taxpayer account management, and compliance monitoring.

The platform enables taxpayers to submit returns electronically without the need for physical visits in many instances.

Types of Tax Returns Commonly Filed on REV360

Explanation of Each Tax Type

1. Company Income Tax (CIT)

Company Income Tax is charged on the profits of companies operating in Nigeria. Eligible companies are generally required to file annual tax returns together with their financial statements and supporting schedules.

Key Considerations

• Annual filing obligation. 
• Based on taxable profits. 
• Requires supporting financial records. 
• Late filing may attract penalties under applicable tax laws. 

=

2. Value Added Tax (VAT)

VAT is a consumption tax charged on taxable goods and services.

Key Considerations

• Filed monthly. 
• Businesses collect VAT on taxable supplies and remit it to the tax authority. 
• Input VAT and Output VAT records should be properly maintained. 
• Accurate invoicing is important for compliance. 

=

3. Electronic Money Transfer Levy (EMTL)

EMTL is a levy applicable to qualifying electronic money transfers as provided by law.

Key Considerations

• Monthly filing requirement where applicable. 
• Proper reconciliation of transactions is important. 
• Businesses should maintain adequate transaction records. 

=

4. Transfer Pricing (TP)

Transfer Pricing regulations apply to transactions between related parties.

Key Considerations

• Annual filing requirement. 
• Applicable to companies with related-party transactions. 
• Requires supporting documentation demonstrating arm's length pricing. 

=

5. Country-by-Country Reporting (CBCR)

CBCR applies to qualifying multinational enterprise groups and provides tax authorities with information relating to global operations.

Key Considerations

• Annual filing. 
• Applies only to qualifying entities. 
• Supports transparency and risk assessment. 

=

6. Petroleum Profit Tax (PPT)

PPT applies to certain petroleum operations governed by relevant tax legislation.

Key Considerations

• Annual filing. 
• Industry-specific obligations. 
• Requires specialized tax computations. 

=

7. Hydrocarbon Tax (HCT)

Hydrocarbon Tax applies to qualifying upstream petroleum operations under the applicable petroleum fiscal framework.

Key Considerations

• Annual filing. 
• Requires industry-specific tax calculations. 
• Often involves detailed supporting schedules. 

=

8. Petroleum Royalty (RYP)

Petroleum royalty obligations arise from qualifying petroleum production activities.

Key Considerations

• Monthly filing. 
• Production records and calculations are required. 

=

9. Mineral Royalty (RYM)

Mineral royalty obligations apply within the mining and mineral resources sector.

Key Considerations

• Monthly filing. 
• Based on relevant production and royalty requirements. 

10. Estimated Hydrocarbon Tax (E_HCT)

This relates to estimated tax obligations under the Hydrocarbon Tax framework.

Key Considerations

• Annual filing. 
• Requires reasonable projections and estimates. 

11. Estimated Petroleum Profit Tax (E_PPT)

Estimated Petroleum Profit Tax filings are generally submitted based on projected tax liabilities.

Key Considerations

• Annual filing. 
• Requires periodic review and reconciliation. 

Step-by-Step Guide to Filing Tax Returns on REV360

Step 1: Log Into REV360

Access the REV360 portal using your registered taxpayer credentials.

Step 2: Select the Relevant Tax Type

Choose the applicable tax obligation, such as:

• CIT 
• VAT 
• EMTL  
• TP 
• CBCR  
• PPT 
• HCT 

Step 3: Complete the Return

Input the required financial and tax information.

Depending on the tax type, you may need:

• Financial statements 
• Tax computations 
• Schedules  
• Supporting documentation 
• Related-party disclosures 

Step 4: Upload Supporting Documents

Attach all required documents in the prescribed format.

Examples include:

• Audited financial statements 
• Tax computation schedules 
• Transfer pricing documentation 
• Evidence of payment where required 

Step 5: Review the Information

Before submission:

• Verify figures. 
• Confirm taxpayer details. 
• Check supporting schedules. 
• Ensure consistency across all documents. 

Step 6: Submit the Return

Submit the completed return electronically through REV360.

Step 7: Make Payment Where Applicable

Generate payment references and complete payment through approved channels.

Step 8: Retain Filing Evidence

Maintain:

• Acknowledgement receipts 
• Filing confirmations 
• Payment receipts 
• Supporting documentation 

These records may be required during reviews, audits, or future compliance checks.

Why Tax Compliance Matters

Tax compliance is not merely a statutory obligation; it also supports sound business governance.

Benefits include:

• Compliance with Nigerian tax regulations. 
• Reduced exposure to penalties and interest. 
• Improved business credibility. 
• Better access to financing opportunities where tax compliance documents are required. 
• Improved record-keeping and financial management. 
• Easier participation in government-related opportunities where tax clearance documentation may be required. 

Why Many Businesses Engage Professional Tax Consultants

Tax laws, regulations, and filing requirements can be technical. Professional tax advisers assist businesses in interpreting obligations and preparing accurate filings.

Potential benefits include:

• Proper review of tax positions. 
• Reduced filing errors. 
• Timely submission of returns. 
• Identification of applicable reliefs and incentives. 
• Improved documentation and record management. 
• Assistance during tax audits, reviews, and reconciliations. 
• Guidance on regulatory changes affecting the business. 

Professional support can also help businesses establish stronger internal compliance processes.

Tax Credits, Incentives, and Planning Opportunities in Nigeria

Businesses should remain aware of legitimate tax incentives and relief provisions that may apply to their circumstances.

Examples may include:

• Capital allowance claims. 
• Loss relief provisions where applicable. 
• Pioneer status incentives for qualifying industries. 
• Double taxation treaty considerations where applicable. 
• Research and development incentives where provided by law. 
• Industry-specific incentives contained in relevant legislation. 

Tax incentives should always be evaluated based on the specific facts of each business and applicable legal provisions.

Relevant Tax Laws Businesses Should Know

Depending on the nature of operations, taxpayers may encounter obligations under:

• Companies Income Tax Act (CITA). 
• Value Added Tax Act (VAT Act). 
• Federal Inland Revenue Service (Establishment) Act. 
• Petroleum Industry Act (PIA). 
• Transfer Pricing Regulations. 
• Country-by-Country Reporting Regulations. 
• Finance Acts as amended from time to time. 

Understanding these laws helps businesses appreciate their compliance responsibilities and filing deadlines.

Practical Compliance Tips for Businesses

1. Maintain accurate accounting records. 
2. Reconcile bank accounts regularly. 
3. Keep supporting documents organized. 
4. Monitor filing deadlines. 
5. Review tax positions before submission. 
6. Retain electronic and physical records. 
7. Conduct periodic tax health checks. 
8. Seek professional guidance where necessary. 
9. Ensure consistency between financial statements and tax returns. 
10. Address tax notices promptly. 

Conclusion

REV360 has modernized the tax filing process by providing a centralized platform for electronic tax administration. However, successful filing depends on accurate records, proper understanding of tax obligations, and timely compliance.

Whether filing Company Income Tax, VAT, Transfer Pricing returns, Country-by-Country Reports, Petroleum taxes, or royalty obligations, businesses should maintain adequate documentation and follow the applicable legal requirements.

For organizations seeking guidance on tax compliance, tax reviews, tax planning, and regulatory filings, professional support can assist in improving accuracy and reducing compliance risks.

Contact Information

📞 WhatsApp: 08056219998
📧 Email: info@usc.com.ng
🌐 Website: US & CO. Official Website

Frequently Asked Questions (FAQ)

1. What is REV360?

REV360 is the electronic tax administration platform used for filing tax returns, managing taxpayer accounts, and processing tax-related transactions.

2. Is VAT filed monthly on REV360?

Yes. VAT returns are generally filed monthly by eligible taxpayers.

3. When is Company Income Tax filed?

Company Income Tax returns are generally filed annually based on the company's financial year-end and applicable statutory timelines.

4. Who is required to file Transfer Pricing returns?

Companies with qualifying related-party transactions may be required to comply with Transfer Pricing regulations and associated filing obligations.

5. What documents are commonly required for CIT filing?

Typical requirements may include audited financial statements, tax computations, schedules, and supporting documentation.

6. What happens if a tax return is filed late?

Late filing may attract penalties and other consequences as provided under applicable tax laws and regulations.

7. Why should businesses maintain proper accounting records?

Accurate records support correct tax calculations, regulatory compliance, and effective business decision-making.

8. Can a professional tax consultant assist with REV360 filings?

Yes. Tax professionals can assist with tax computations, documentation reviews, filing processes, compliance assessments, and responding to tax authority enquiries.

9. Are tax incentives available in Nigeria?

Certain incentives and relief provisions may be available depending on the industry, business activities, and applicable legislation.

10. How often should a business review its tax compliance position?

Periodic reviews throughout the year can help identify issues early and support timely compliance with filing obligations.