The deadline for submitting companies’ income tax returns for the 2022 year of assessment has been extended by the Federal Inland Revenue Service (FIRS) to August 31, 2022.
The FIRS states that the extension is for businesses who were unable to fulfill the original deadline of June 30, 2022.
The decision was made by FIRS after it received “many 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 June 30, 2022,” according to a statement issued by its Executive Chairman, Muhammad Nami.
According to the press release, the Service had instructed that all Companies whose Companies Income Tax returns for the 2022 Year of Assessment were due between June 30, 2022, and August 31, 2022 (both dates inclusive), be given until August 31, 2022, to submit their returns to the Service. This was done out of goodwill and in accordance with the relevant provisions of the Companies Income Tax Act.
It went on to say that the Service was only extending the deadline for the 2022 Year of Assessment on Company Income Tax Returns as a one-time gesture, and that businesses who filed during this time frame would not be assessed a late filing penalty or interest for late payment.
Therefore, if the pertinent Company Income Tax returns are submitted to the Service on or before August 31, 2022, neither a late filing penalty nor interest for a late payment will apply.
It said, “Penalty and interest for late payment shall be computed from the original due date and not the extended date when applicable Company Income Tax reports are not filed by the extended date.
Nami clarified, however, that other taxes are not included in the extension because it solely pertains to the filing of Companies Income Tax Returns.
