FIRS extends submission of company income tax | Dailytrust

FIRS extends submission of company income tax

The Federal Inland Revenue Service (FIRS) has announced the extension of the deadline for the submission of Companies Income Tax (CIT) returns for the 2022 year of assessment (YOA).

In a statement by the Executive Chairman of FIRS, Muhammad Nami, he said the call decision was made following numerous calls from companies for the extension due to their inability to meet up with the deadline.

While stating that the call is only applicable to those whose assessment falls between 30th June to 31st August 2022, the new date for their assessment would be held on August 31st.

“The extension of the due date is a one-off gesture for only 2022 YOA CIT returns, which are due as aforesaid. The relevant CIT returns shall, therefore, not attract a late filing penalty or interest for late payment if submitted to the service on or before 31st August 2022.

“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.”

He added that the extension is for CIT and does not include returns for withholding tax, value added tax, personal income tax (PAYE), among 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 due and avoid payment of penalty and interest.”

 

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