By Mohammed Mohammed
The Federal Inland Revenue Service (FIRS) on Monday, said the filing of Companies’ Income Tax Returns (CITRs) for assessment has been extended to 31st August 2022, for companies who were unable to meet the June 30 deadline.
The extension of the deadline according to a statement signed by the chairman of the Service, Mr. Muhammad Nami, said the decision had to be taken because of the mass calls from companies requesting for the extension of time to submit their CITRs for 2022.
The release stated that as a measure of goodwill by the Service and in line with relevant provisions of the company’s income tax Act, it had directed that all companies whose companies’ income tax returns for the 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.
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.
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.
Signed: Johannes Oluwatobi Wojuola, SA to the Executive Chairman, on (Media and Communications).