The Federal Inland Revenue Service (FIRS) in its recent Press Release, has informed the general public of its grant of companies’ income tax (CIT) filing deadline extension to 31 August 2022, for all 2022 CIT returns falling due between 30 June 2022 and 31 August 2022 (both days inclusive).
The deadline extension is a one-off gesture for only 2022 year of assessment (YOA) CIT returns. It does not cover CIT returns for other years or other 2022 CIT returns’ due dates falling outside the dates specified above, neither does the extension cover other tax returns such as withholding tax, value added tax, personal income tax, etc.
This implies that all companies with 31 December accounting year end that could not meet up with the filing deadline of 30 June 2022, for their 2022 CIT returns, will now have up till 31 August 2022 (interest and penalty free) to complete them.
The FIRS however made it clear via the Press Release that any company which does not eventually meet the new deadline will have to pay interest and penalty, calculated from the original due date of the returns rather than the extended due date.
All affected taxpayers are advised to take advantage of this extension of CIT filing deadline to make good any outstanding 2022 CIT returns falling due within the dates provided for by the FIRS.
For further enquiries or help with filing your company’s 2022 CIT returns, please send your request to clients@vi-m.com.
