Annual Returns¶
Last reviewed: 2026-04-01 · Nnamdi
Status: Complete
Route: /tax/annual-returns
1. What is it?¶
Annual Returns is the module for generating and filing the business's annual financial statements and returns with NRS (formerly FIRS) and the Corporate Affairs Commission (CAC). Every incorporated company in Nigeria is required to file annual returns with CAC and annual tax returns with NRS. This page tracks generated returns, their filing status, and provides a workflow for generating the returns once a financial year is complete.
2. How does it work in Finora?¶
2.1 The Annual Returns page (/tax/annual-returns)¶
Header: - Heading: "Annual Returns" - Subtitle: "Generate and file your annual financial statements with NRS (Formerly FIRS) and CAC" - Generate Returns button
KPI summary strip (test business):
| Metric | Value |
|---|---|
| Total Returns | 0 |
| Draft | 0 |
| Filed | 0 |
| Company Size | - |
Annual Returns History table: - Lists all generated annual returns - Empty state: "No annual returns yet — Generate your first annual returns to comply with NRS (Formerly FIRS) and CAC requirements" - Generate First Return button in empty state
2.2 Generate Returns flow¶
Clicking Generate Returns navigates to /annual-returns (a dedicated generation page).
If no complete financial years exist:
"No Complete Financial Years — Your business doesn't have any complete financial years yet. Annual returns can only be generated for completed years."
This means the business must have at least one full fiscal year of data before annual returns can be generated. For a business that started in 2026, annual returns won't be available until the 2026 fiscal year closes.
If a complete financial year exists: The generation page will show the available years and allow the user to generate returns including financial statements (P&L, Balance Sheet) and the annual return filing package.
2.3 Annual return record (after generation)¶
Each return shows:
| Field | Description |
|---|---|
| Fiscal Year | The year the return covers |
| Status | Draft / Filed |
| Company Size | Small / Medium / Large (determines filing requirements) |
| CAC Status | Whether CAC annual return has been filed |
| NRS Status | Whether NRS annual tax return has been filed |
| Generated Date | When the return was generated |
3. Business rules & constraints¶
| Rule | Detail |
|---|---|
| Requires a complete financial year | Returns can only be generated for fiscal years that have ended — not for the current year |
| Two separate filings | CAC annual returns and NRS annual tax returns are different obligations with different deadlines |
| Company Size determines requirements | Small companies have simplified filing; large companies require audited financial statements |
| Financial statements included | The generated return package includes P&L, Balance Sheet, and supporting schedules |
| Filing Services available | For managed filing, use Filing Services: CAC-only ₦36,000 / NRS-only ₦60,000 / Audit Certification from ₦180,000 |
4. Nigerian regulatory context¶
CAC Annual Returns¶
- Who must file: Every company incorporated in Nigeria under the Companies and Allied Matters Act (CAMA)
- Due date: Within 42 days after the Annual General Meeting (AGM)
- Contents: Particulars of directors, secretary, registered office, share capital, and financial statements
- Penalty: Late filing attracts escalating penalties; persistent non-filing may lead to striking off the register
NRS Annual Tax Returns¶
- Who must file: All companies except those specifically exempted
- Due date: 6 months after the end of the accounting year (e.g., 30 June for a December year-end)
- Contents: Self-assessment of CIT liability, financial statements, tax computation, capital allowance schedules
- Small companies (< ₦50M turnover, NTA 2025 §56): Exempt from CIT but may still need to file a nil return or exemption notice
Company size classification (NTA 2025)¶
| Size | Turnover | Filing Requirements |
|---|---|---|
| Small | < ₦50M | Simplified returns; CIT exempt; no audit required |
| Medium | ₦50M – ₦500M | Standard returns; 25% CIT; audit may be required |
| Large | > ₦500M | Full returns; 25% CIT; audited financial statements mandatory |
Audit Certification¶
Companies exceeding the small company threshold must file audited financial statements signed by an ICAN or ANAN registered accountant. The Audit Certification service (₦180K–₦600K via Filing Services) covers this requirement including CAC and NRS filing.
5. Common customer questions¶
Q: "I can't generate annual returns — it says 'No Complete Financial Years.'"
Annual returns require a full fiscal year of data. If your business was set up in 2026, you'll need to wait until the 2026 fiscal year ends before generating returns. If you believe a prior year should be available, check your business settings to confirm the fiscal year-end date.
Q: "What's the difference between CAC annual returns and NRS annual returns?"
CAC annual returns are a corporate filing obligation — they confirm your company's details (directors, shareholders, registered office) with the corporate registry. NRS annual returns are a tax obligation — they report your income, expenses, and tax computation to the revenue authority. Both are required, and they go to different bodies.
Q: "I'm a small company. Do I still need to file annual returns?"
Yes — small companies must still file CAC annual returns (every incorporated company must). For NRS, small companies are CIT-exempt but should file a nil return or exemption notice. Escalate to Tier 2 for specific guidance on small company NRS filing obligations.
Q: "Can Finora file my annual returns for me?"
Yes — use Filing Services (
/tax/filing-services). CAC-only filing is ₦36,000, NRS-only is ₦60,000, and Audit Certification (which includes both CAC and NRS filing) starts at ₦180,000.
6. Known edge cases¶
Test business shows "No Complete Financial Years"¶
The COA Test School Academy was set up recently and has no completed fiscal year, so annual returns cannot be generated. The "Company Size" KPI shows "-" because no return has been generated to classify the company.
Small company attempting to generate NRS annual returns¶
A small company (< ₦50M turnover) is CIT-exempt and technically doesn't owe tax. However, NRS may still expect a nil return. The annual returns module will generate the return with ₦0 CIT liability — which is correct.
7. Escalation trigger¶
Escalate to Tier 3 (Founder) if: - Generate Returns fails with an error for a business with a complete fiscal year - Generated annual returns contain obviously incorrect financial statements
Escalate to Tier 2 (Support Lead) if: - Customer needs guidance on whether they need to file CAC, NRS, or both - Customer needs help with audit certification requirements - Customer's fiscal year-end date is incorrect in business settings - Customer needs to amend a previously filed annual return
8. Last reviewed¶
2026-04-01 — Nnamdi. Verified against production. Annual Returns page for COA Test School Academy: Total Returns 0 / Draft 0 / Filed 0 / Company Size "-". Empty state: "No annual returns yet." Generate Returns button navigates to /annual-returns which shows "No Complete Financial Years — Your business doesn't have any complete financial years yet." Generate First Return button confirmed in empty state. NRS = Formerly FIRS noted in subtitle.