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HomeBusinessFIRS extends deadlines for submission of companies' income tax returns to Aug

FIRS extends deadlines for submission of companies’ income tax returns to Aug

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By Samuel Bankole

Nigeria’s tax collection agency, the Federal Inland Revenue Service (FIRS) on Monday said it has extended the deadlines for the submission of Companies Income-tax (CIT) returns for this year to August.

In a statement signed by the Chairman of the service, Mohammed Nami, FIRS noted that the extension was its response to numerous calls received from companies seeking the extension of time for the 2022 year of assessment (YOA) falling due on 30th June 2022 as a result of their inability to meet up with the deadline.

“Consequently, as a measure of goodwill and in line with relevant provisions of the Companies Income Tax Act” the FIRS has directed that all returns for the 2022 year of assessment due on June 30 and August 31, are given up to August 31, 2022, to submit the returns to the Service.

The service, however, said, “the extension of the due date is a one-off gesture for only 2o22 YOA CIT returns.”

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It said the relevant CIT returns shall, therefore, “not attract Late Filing penalty or interest for late payment if submitted to the Service on or before 31st August 2022.”

The FIRS said where relevant CIT returns are not filed by the extended date, penalty and interest
for late payment shall be computed from the original due date and not the extended date.

It also said the extension of the filing date is only for CIT and does not include returns for withholding tax, value-added tax, personal income tax (PAYE) and others.

“The Service invites all relevant taxpayers to take the opportunity afforded by this extension to submit their CIT returns within the specified time, pay the taxes dues and avoid payment of penalty and interest,” the service said in the statement.

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