The Federal Inland Revenue service (FIRS) on the 30th of March 2021, issued a public notice in accordance with Section 18 (1) of the Nigeria Export Processing Zones Authority (NEPZA), and the Oil and Gas Free Zone Authority (OGFZA) Acts as amended by section 58 and 59 of the Finance Act 2020, which came into effect 1st January 2021.
The notice has been given by the FIRS to all enterprises registered and operating in the Nigeria Export Processing and Oil & Gas Free Zones (the zones), tax practitioners and the general public asserting that:
The NEPZA Act and OGFZA Act (as amended) mandates all enterprises registered and operating in the zones to file income tax returns in accordance with the provisions of the Companies Income Tax Act (CITA).
Hence, all enterprises registered and operating in the zones are required to:
- to file income tax returns for 2021 and subsequent years of assessment; and
- to compute income tax and pay the tax due (if any)
The returns should be in the manner and time as specified by CITA.
To allow for ease of compliance, FIRS has further highlighted / directed that enterprises operating in the relevant “Geo-Political Zones” are required to file their income tax returns in the respective FIRS offices as indicated below:
The publication also reiterates that relevant penalties prescribed by CITA or Federal Inland Revenue Service (Establishment) Act of 2007 shall apply to any company that fails to comply with the filing requirements as regards due dates.
Click here to view the FIRS Publication.