Wednesday, August 17, 2022

FIRS extends due date for coys to submit Income Tax Returns

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Rayyan Alhassanhttps://dailynigerian.com/author/rayyan/
Rayyan Alhassan is a graduate of Journalism and Mass Communication at Sikkim Manipal University, Ghana. He is the acting Managing Editor at the Daily Nigerian newspaper, a position he has held for the past 3 years. He can be reached via [email protected], or www.facebook.com/RayyanAlhassan, or @Rayyan88 on Twitter.
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The Federal Inland Revenue Service, FIRS, has extended the deadline for filing of Companies Income Tax, CIT, returns for 2022 assessment from June 30 to August 31.

This is contained in a statement issued on Monday in Abuja by Johannes Wojuola, the Special Assistant on Media and Communication to the Executive Chairman, FIRS, Muhammad Nami.

Mr Wojuola said that the extension was to enable companies that were unable to meet up earlier to do so.

He said FIRS took the decision after receiving numerous calls from companies for the extension of time to submit the CIT returns for 2022.

Mr Wojuola said that the decision was reached as a measure of goodwill and in line with relevant provisions of the Companies Income Tax Act.

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“The FIRS has directed that all companies which CIT returns for 2022 Year Of Assessment, that falls due between June 30 and August 31, 2022, are given up to August 31, 2022 to submit their returns to the Service,’’ he said.

The special assistant said that the extension was a one-off gesture by the Service for only the 2022 Year of Assessment on Company Income Tax Returns.

According to him, companies that 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 August 31, 2022.

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“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;” it said

The statement quoted Mr Nami as saying “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,” it said.

The FIRS urged relevant taxpayers to take opportunity of the extension to submit their CIT returns and pay their due taxes within the specified time of extension.

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