The Federal Inland Revenue Service has extended the deadline for the submission of Companies Income Tax Returns from June 30 to August 31 this year.
The extension, according to the FIRS, became imperative following the inability of some companies to meet up with the initial deadline.
It said in a notice signed by the Executive Chairman, Mr Muhammad Nami that the extension which is in line with the Companies Income Tax Act is a one off gesture for only 2022 year of assessment companies income tax returns.
It said, “The Federal Inland Revenue Service has received numerous calls from companies for the extension of time to submit the Companies Income Tax returns for 2022 year of assessment falling due on 30th June 2022 as a result of their inability to meet up with the deadline.
“Consequently, as a measure of goodwill and in line with relevant provisions of the Companies Income Tax Act, the Service directs as follows:
“All companies whose CIT returns for 2022 YOA fall due between 30th June and 31st August, 2022 (both days inclusive) are given up to 31st August, 2022 to submit the returns to the Service.
“The extension of the due date is a one off gesture for only 2022 YOA CIT returns which are due as aforesaid; the relevant CIT 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 CIT 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; this extension of filing date is only for CIT and does not include returns for with holding tax, value added tax, personal income tax.”
The Service urged all relevant taxpayers to take the opportunity afforded by the extension to submit their CIT returns within the specified time, pay the taxes due and avoid payment of penalty and interest.