Tuesday, January 25, 2022
MARKET UPDATE

TheCable

Advertisement

FIRS extends waiver on penalty, interest for late CIT returns till Dec 31

FIRS extends waiver on penalty, interest for late CIT returns till Dec 31
December 01
16:41 2021

The Federal Inland Revenue Service (FIRS) says it has extended the deadline for waiver of penalty and interest for companies with outstanding 2021 year of assessment (YOA) companies income tax (CIT) returns.

The announcement of the extension was made via the organisation’s Tax Pro-Max portal on Tuesday.

The scope of the waiver has been further expanded to include all taxes arising from subsequent years’ assessments.

The FIRS, in the statement, stated that “affected companies have until 31 December 2021 to submit all outstanding returns and pay the resulting tax liabilities, including previous years’ assessments.”

Advertisement

“The additional extension of the waiver of penalties and interest on outstanding 2021 YOA returns is a welcome development and further demonstrates FIRS’ commitment to providing reprieve to taxpayers following migration to Tax Pro-Max for tax filing and compliance,” the revenue agency added.

“It is expected that the additional extension will afford affected taxpayers sufficient time to file their outstanding 2021 YOA CIT returns and pay their related liabilities to enable them to enjoy the waiver.”

The FIRS introduced the TaxPro-Max, a platform for filing naira-denominated tax returns, in June 2021.

Advertisement

Muhammad Nami, executive chairman of FIRS, had said the platform will ease tax compliance and modernise tax administration in the country.

0 Comments

No Comments Yet!

There are no comments at the moment, do you want to add one?

Write a comment

Write a Comment