October 27, 2020
  • October 27, 2020
  • Home
  • Business
  • FIRS extends deadline for filing tax returns till Aug 7, due to Covid-19

FIRS extends deadline for filing tax returns till Aug 7, due to Covid-19

By on July 30, 2020 0 159 Views

Nigeria’s tax agency on Thursday said it has extended the deadline for filing of annual returns in a number of tax categories for taxpayers by one week till August 7, 2020.
The Federal Inland Revenue Service (FIRS) in a series of tweets on Thursday that the extension was informed by the challenges of the times which taxpayers were going through.
“In furtherance of this and in addition to a number of COVID-19 palliatives already in place, as well as in the spirit of this Eid celebration, we hereby grant a further one-week extension from the July 31, 2020 deadline for companies with December accounting year-end to file their Year 2020 annual Income Tax Returns.”
“For the purpose of clarity, Companies that fall within Dec. Accounting Year End category will not be penalised for late submission, if they file their Year 2020 Income Tax Returns within the grace period, that is, 1st August 2020 to 7th August 2020 as herein granted,” the service said.
It noted that in a similar vein, the one week grace period was extended to regular monthly obligations that would become due at the end of July 2020.
It stated that an example of such obligations was the Petroleum Profit Tax installment payment, Withholding Tax and Value Added Tax Returns.
The FIRS said it would continue to respond proactively to the realities of the current times towards easing the burden of taxpayers.

Want more Updates? Join 200+ subscribers on our mailing list!

Leave a comment

Your email address will not be published. Required fields are marked *

Sign For NewslettersFor News Updates Around The Globe!