Federal Inland Revenue Service(FIRS) has extended the filing of Companies Income Tax Returns for the Year 2021 by two months to 31 August 2022.
The former deadline was on 30th June 2022.
The Executive Chairman, Muhammad Nami, in a statement on Monday, said the extension owes to “numerous calls from companies for the extension of time to submit the Companies Income Tax (CIT) returns for the 2022 year of assessment falling due on 30th June 2022.”
The statement 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 the 2022 Year Of Assessment, that fall due between 30th June and 31st August 2022 (both days inclusive), were the given up to 31st August 2022 fallbmit their returns to the Service.
I further stated that the extension is a one-off gesture b 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 statement pointed out.
Nami however explained that the extension only applies to the filing of Companies Income Tax Returns buttress 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 me tax (PAYE), etcetera”, he added.
The Service then called on the relevant value-added to take the opportunity of the extension to submit their Companies Income Tax Returns and pay their due taxes within the specified time of an extension.
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