TheCable

The Federal Inland Revenue Service (FIRS) has extended the deadline for companies to file their tax returns by seven days due to the COVID-19 pandemic and the festive season.

In a notice on Thursday, Muhammad Nami, chairman of the FIRS, said: “In addition to other COVID-19 tax palliatives and in the spirit of Eid celebration, we have given a further one-week extension from July 31, 2020 deadline for companies with December accounting year-end, to file year 2020 income tax returns”.

“For the purpose of clarity, companies that fall within December 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, August 1, 2020, to August 7, 2020, as herein granted.

“The one week grace period is also extended to regular monthly obligations that become due at the end of July 2020.”

The regular monthly obligations include petroleum profits tax instalment payment, withholding tax and value-added tax (VAT) returns.

The notice added that FIRS will continue to respond proactively to the realities of the COVID-19 pandemic towards easing the burden of its esteemed taxpayers.