Business & Investment

FIRS succumbs to pressure and extends filing date to August 31

The Internal Revenue Service (FIRS) will file a 2022 Corporate Income Tax (CIT) return on August 31 for companies that miss the June 30 deadline previously set by the tax authorities. It was extended.

The extension is included in a statement issued by FIRS and signed by Muhammad Nami, Executive Committee Chairman of the Authority.

According to FIRS, “this measure was necessary following a number of calls from businesses seeking an extension of the period for filing their income tax returns.

The statement, as a measure of goodwill by FIRS, is from June 30 to August 31, 2022 (both days) for all companies for which corporate income tax will be refunded in the 2022 assessment, in line with the relevant provisions of the Corporate Income Tax Act. (Including) was given to submit returns to FIRS until August 31, 2022.

In addition, this extension is a one-time gesture by the service that targets only the assessment of the 2022 corporate income tax return, and companies submitted within this extension period are subject to a late filing penalty or late interest. I said it wouldn’t be. payment.

Read again: Odu’a Investment has declared a profit before tax of 9.37 billion N due to a 15% increase in dividends in 2021.

“Therefore, the income tax return of the relevant company shall not attract any late filing penalties or late payment interest if submitted to the Service before August 31, 2022.

“If the income tax return of the relevant company is not filed by the extension date, the penalty and interest for delinquency shall be calculated from the original date, not the extension date,” the service said in a statement.

However, Nami explained that the extension applies only to the filing of a company’s income tax return, not to other taxes.

“This extension of filing date is for CIT only and does not include tax withholding, value added tax, personal income tax (PAYE) and other tax returns.”

FIRS has asked the relevant taxpayers to take this opportunity to file a company income tax return and pay their tax obligations within the specified time of the extension.

FIRS succumbs to pressure and extends filing date to August 31

https://businessday.ng/news/article/cit-firs-bows-to-pressure-extends-filing-date-to-august-31/ FIRS succumbs to pressure and extends filing date to August 31

Back to top button