CEM REPORT | The Federal Inland Revenue Service (FIRS) has extended the filling date for firms’ Companies’ Income Tax Returns to August 31, 2022.
The Service says the extension is a one-off gesture for only the 2022 Year of Assessment on Company Income Tax Returns.
The extension was announced via a statement signed by its Executive Chairman, Muhammad Nami, where he stated that Companies who filled within this period of extension would not be subjected to a 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”.
He explained that the decision was taken upon “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.”
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He added that extension only applies to the filing of Companies Income Tax Returns but does not extend to other taxes.