The Federal Inland Revenue Service (FIRS) has issued a Public Notice extending to 31 August 2022, the deadline for filing Companies Income Tax (CIT) returns and payment of the related tax liabilities by companies with returns falling due between 30 June and 31 August 2022 (both days inclusive).

The new deadline provides a two-month and a one-month extension for companies with 31 December and 31 January account year-ends, respectively.  Consequently, affected companies now have until 31 August 2022 to submit their CIT returns on TaxPro-Max and pay the resulting tax liabilities to avoid late filing and payment penalties and interest, respectively.

For the avoidance of doubt, the extension applies to CIT returns only, and does not cover value added tax, withholding tax and personal income tax returns due in June 2022.  The FIRS urged taxpayers to take advantage of the opportunity to resolve their outstanding issues to enable them to file their returns within the extended timeframe. 

Credits

* This statement was first published in the Issue 7.1/ July 2022 Newsletter of KPMG of  Monday July 04, 2022. For further enquiries, please contact the author, Wole Obayomi via [email protected]