The Federal land Revenue Service (FIRS) in its bid to reduce the issue of non-compliance, has directed firms that were unable to file their Company Income Tax (CIT) returns for the 2022 year of assessment, due on 30th June 2022 to do so on or before 31st August 2022.
The extension of this deadline is contained in a press release signed by the Executive Chairman of FIRS, Muhammad Nami, the extension was granted after sifting through “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.”
According to the release, the extension is only a temporary gesture and should not be interpreted as a template for future actions. It was said that companies that filed their tax returns within the grace period would not be penalized and that the Service would only assess them for the 2022 Year of Assessment on Company Income Tax Returns.
“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.
“This extension of filing date is only for CIT and does not include returns for withholding tax, value added tax, personal income tax (PAYE), etc.”
However, Mr. Nami clarified that the delay does not apply to other taxes and solely pertains to the filing of Companies Income Tax Returns.