Income tax

FIRS extends due date for corporate tax returns — Business — The Guardian Nigeria News – Nigeria and World News

The Federal Inland Revenue Service (FIRS) has extended the filing date for corporate income tax returns for businesses for the 2022 tax year to August 31, 2022.

According to the FIRS, the extension concerns companies that were unable to meet the earlier deadline of June 30, 2022.

The FIRS, in a statement signed by its executive chairman, Muhammad Nami, noted that it had taken the decision after receiving “numerous calls from companies for the extension of the deadline for submitting income tax returns. Corporations (CIT) for the 2022 tax year expiring on June 30, 2022.”

The statement said that as a goodwill measure of the Service and in accordance with the relevant provisions of the Corporations Income Tax Act, it had ordered that all corporations whose corporate income tax returns for the year 2022 tax returns, which fall due between June 30 and August 31, 2022 (both days inclusive), had until August 31, 2022 to submit their returns to the Service.

He went further by stating that the extension is a one-time move by the Service for the 2022 tax year on corporate tax returns and that corporations that filed during this extension period would not be not subject to penalty or interest for late filing. for late payment.

“The tax returns of the companies concerned will therefore not incur a late payment penalty or interest if they are submitted to the Service no later than August 31, 2022.

“Where relevant corporate tax returns are not filed by the extended date, late payment penalties and interest will be calculated from the original due date and not the extended date,” he added.

Nami however explained that the extension only applies to the filing of corporate tax returns but does not extend to other taxes.