Fakoyejo OlalekanThe deadline for the submission of Companies’ Income Tax (CIT) has been extended by the Federal Government tax administrator, Federal Inland Revenue Service (FIRS), as firms struggle to meet initial deadline.
FIRS extended the timeframe by two months, sitting the new deadline at August 31, 2022, against the initial date of June 30. The tax agency said it concluded on the extension following complaints of time constraints.
In a statement released on Monday, and signed by FIRS Executive Chairman, Muhammad Nami, it was revealed that companies persuaded the tax administrator to push the date backwards to accommodate them.
The extension is, however, only for CIT returns for the 2022 Year Of Assessment (YOA), and those not include withholding tax, value-added tax, personal income tax. Companies whose submission date falls between June 30 and August 31, 2022 are also expected to file their report during the extended date.
“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), etc,” the tax agency statement reads in part.
FIRS further explained that, “All companies whose CIT returns for the 2022 Year Of Assessment (YOA) fall due between June 30 and August 31, 2022 (both days inclusive) are given up to August 31, 2022 to submit their returns to the service.
“The extension is a one-off gesture by the service for only the 2022 YOA CIT returns, which are due as aforesaid. The relevant CIT returns shall, therefore, not attract late filing penalty or interest for late payment if submitted to the service on or before 31st August 2022.
Meanwhile, the FIRs said it will sanction companies that fail to submit their CIT papers within the new timeframe, and demand for interest on late payment.
“Where relevant CIT 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.” FIRS told the tax payers.
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