Tax Record Keeping Guide: Which Business Documents Nigerian Businesses Must Keep

Introduction

Toyin runs a thriving fashion boutique in Lagos. Business is good—she's making ₦50,000 in sales daily. But when FIRS sent an audit notice requesting her business records, she panicked. Her receipts were stuffed in a shoebox. Many were faded. Some were missing entirely. She had no idea which documents she actually needed to keep.

The audit cost her dearly. FIRS disallowed ₦2 million in expenses she couldn't prove with proper documentation. She paid an additional ₦400,000 in taxes plus a ₦50,000 penalty—all because she didn't know what records to keep and how to organize them.