Three different documents get confused for one another constantly: the CAC annual return, audited accounts, and the tax return. Each goes to a different body, for a different reason.
Three different documents, three different recipients
The CAC annual return goes to the Corporate Affairs Commission. Audited accounts are not filed anywhere on their own. They are financial statements that other filings and institutions rely on. The company income tax return goes to the Nigeria Revenue Service (NRS), formerly FIRS.
Confusing any two of them is an easy mistake, since all three involve numbers, deadlines, and the word "annual".
What the CAC annual return actually records
Sections 417 to 424 of CAMA 2020 sets out what the CAC annual return covers. It lists the directors, who holds shares, the issued share capital, and where the company sits. It is filed at least once in every year, on Form CAC 19.
It does not report income or profit. A company can have a poor year financially and still file an ordinary annual return, because the return is about governance, not performance.
What audited accounts are, and who else asks for them
Audited accounts are financial statements checked by an auditor. They are not a filing in their own right. They are a document other processes ask for: a bank, a tender board, or a tax return.
Whether your company needs audited accounts attached is not something this article can settle for every case. A smaller company may be able to rely on something simpler instead. See documents needed for a CAC annual return and ask an accountant.
What the company income tax return adds on top
The company income tax return is a different matter again. Every taxable person must file a return each year, even if no tax is due, and for companies the deadline is six months after the end of the company's accounting year.
This return normally includes audited accounts with the company's tax computation. A statement of accounts attested to by the company instead of audited financial statements is one exception worth knowing. Some small companies may rely on it rather than full audited financial statements for this specific tax filing.
None of this changes what CAC wants for its own annual return. The two filings run on separate clocks, to separate addresses.
A quick table to keep the three straight
| Document | Goes to | What it reports |
|---|---|---|
| CAC annual return | Corporate Affairs Commission | Directors, shareholders, share capital, address |
| Audited accounts | Whichever process asks for them | The company's financial position for the year |
| Company income tax return | Nigeria Revenue Service (NRS) | Income and tax due, usually with accounts attached |
Filing one does not excuse the others. For the tax side in more depth, see our sister cluster on NRS tax filings. For the CAC side, start your CAC annual return once your governance details are ready, and see the CAC annual return cost guide for the fees involved.