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FIRS Offers Firms Fresh Window to File Income Tax Returns
Federal land Revenue Service (FIRS) has given firms a fresh window to file their Company Income Tax (CIT) returns for the 2022 year of assessment, due on 30th June 2022, in a bid to reduce the incidence of non-compliance.
It has now been extended to 31st August 2022, for companies who were unable to meet up with the deadline as at the end of June, 2022.
The extension of this deadline is contained in a press release signed by Muhammad Nami, executive chairman of FIRS, the extension was granted after sifting through “numerous calls from companies for the extension of time to submit the Companies Income Tax (CIT) returns for 2022 year of assessment falling due on 30th June 2022.”
The release noted that the extension is a one-off gesture and must not be misconstrued to mean a permanent template. It noted that any company that files its tax returns within the grace period would not be by the Service for only the 2022 Year of Assessment on Company Income Tax Returns and that Companies who filed within this period of extension would not be penalised.
“The relevant Company Income Tax returns shall, therefore, not attract Late Filing Penalty or interest for late payment if submitted to the Service on or before 31st August 2022: “Where relevant Company Income Tax 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;” the release read.
Mr. Nami however explained that the extension only applies to the filing of Companies Income Tax Returns but does not extend to other taxes.
“This extension of filing date is only for CIT and does not include returns for withholding tax, value added tax, personal income tax (PAYE), etc.”