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Home Business News Business

FIRS extends deadline for filing of 2022 Companies Income Tax returns to 31st August 2022

Ubah Jeremiah Ifeanyi by Ubah Jeremiah Ifeanyi
July 4, 2022
in Business
FIRS calls for comprehensive revenue aggregation
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The Federal Inland Revenue Service has extended the deadline for filing Companies Income Tax Returns for the 2022 Year of Assessment, which was due on 30th June 2022, to 31st August 2022.

This was disclosed in a Press Release issued today by the Federal Inland Revenue Service (FIRS), and signed by the tax authority’s Executive Chairman, Muhammad Nami.

The extension only applies to CIT returns, other taxes such as VAT and withholding taxes are not covered. Also, there will be no penalty for late returns and payment for 2022 in respect of the relevant tax returns that are filed by 31 August 2022.

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What FIRS is saying

Nami said that the decision was taken after receiving “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.”

  • He stated that as a measure of goodwill by the Service and in line with relevant provisions of the Companies Income Tax Act, it had directed that “all Companies whose Companies Income Tax (CIT) returns for the 2022 Year Of Assessment that fall 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.”
  • He 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.
  • He added, “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,” Mr Nami said.
  • He did, however, clarify that the delay solely relates to the filing of Companies Income Tax Returns and does not apply to other taxes.
  • “This extension of the filing date is only for CIT and does not include returns for withholding tax, value-added tax, personal income tax (PAYE), etcetera,” Mr Nami pointed out.

FIRS urged relevant taxpayers to take advantage of the extension and submit their Companies’ Income Tax Returns and pay their respective taxes within the time frame stipulated.

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