The Federal Inland Revenue Service (FIRS) on Monday announced that the 30th June 2022 due date for filing of Companies Income Tax (CIT) returns for the 2022 Year of Assessment, had been extended to 31st August 2022, for companies who were unable to meet the deadline.
The Service stated this in a statement signed by the Executive Chairman, Muhammad Nami, adding that the decision to extend the due is sequel to “numerous calls from companies for the extension of time to submit the Companies Income Tax (CIT) returns for 2022 year of assessment falling due on 30th June 2022.”
The release indicated the extension was a measure of goodwill by the Service and in line with relevant provisions of the Companies Income Tax Act.
The FIRS, therefore, gave all companies whose tax returns for 2022 year of assessment fell due between 30th June and 31st August, 2022 (both days inclusive), up to 31st August, 2022 to submit their returns to the Service.
According to the federal tax service, the extension is a one-off gesture for only the 2022 Year of Assessment on CIT returns and that companies who filed their returns within the period of extension would not be subject to late filing penalty or interest for late payment.
It expatiated: “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”, the Service added.
Nami, however, clarified that the extension only applied to the filing of CIT returns but not extend to other taxes, stressing that “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.”
He called on the relevant taxpayers to take the opportunity of this extension to submit their Companies Income Tax Returns and pay their due taxes within the specified time of extension.
