Income Tax Returns: FIRS extends due date for companies

The filing of Companies Income Tax Returns for the 2022 Year of Assessment, due on 30th June 2022, has 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 issued by the Federal Inland Revenue Service (FIRS), and signed by the tax authority’s Executive Chairman, Muhammad Nami, where it noted that it had taken this decision after receiving “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 stated that as a measure of goodwill by the Service and in line with relevant provisions of the Companies Income Tax Act, it had directed that all Companies whose Companies Income Tax returns for 2022 Year Of Assessment, that falls due between 30th June and 31st August, 2022 (both days inclusive), were given up to 31st August, 2022 to submit their returns to the Service. adsbygoogle || []).push({});

It went further to state that the extension is a one-off gesture 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 subject to Late Filing Penalty or interest for late payment.

“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), etcetera.”

The Service called on the relevant taxpayers to take the opportunity of this extension to submit their Companies Income Tax Returns and pay their due taxes within the specified time of extension.