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FIRS extends deadline for submission of CIT returns by two months

FIRS extends deadline for submission of CIT returns by two months
July 04
20:39 2022

The Federal Inland Revenue Service (FIRS) has extended the deadline for filing companies’ income tax (CIT) returns from June 30 to August 31, 2022.

FIRS said this in a notice signed by Muhammad Nami, its executive chairman.

Nami said the agency decided to extend the tax filing date following numerous calls from companies to meet up with the initial deadline.

 “All companies whose CIT returns for the 2022 Year Of Assessment (YOA) fall due between June 30 and August 31, 2022 (both days inclusive) are given up to August 31, 2022 to submit their returns to the service,” FIRS said.

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“The extension is a one-off gesture by the service for only the 2022 YOA CIT returns, which are due as aforesaid.

“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.

“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.”

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The agency, however, explained that the extension applies to the filing of CIT returns but does not extend to other taxes.

“This extension of the filing date is only for CIT and does not include returns for withholding tax, value-added tax, personal income tax (PAYE), etc,” the notice added.

FIRS called on all relevant taxpayers to take the opportunity and pay their due taxes within the specified time.

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