News & Insights

FIRS Grants One Week Extension for Companies to File Returns

FIRS Grants One Week Extension for Companies to File Returns

 

By James Emejo

The Executive Chairman,Federal Inland Revenue Service (FIRS), Mr. Muhammad Nami, has announced a further one-week extension to the July 31 deadline for companies with December accounting year end to file their 2020 annual income tax returns.

He said the extension was in the spirit of the Eid-el-Kabir festivities and further to earlier palliative measures rolled out by the service in support of the Nigerian taxpayers against the backdrop of the COVID-19 pandemic.

 

Nami said the affected companies would not be penalised for late submission, if they file their tax returns within the grace period, between August 1st to 7th, 2020.

In a statement by Director, Communications and Liaison Department,FIRS, Dr. Abdullahi Ahmad, the EC also granted a one-week grace period to regular monthly obligations that become due at the end of July 2020, particularly the petroleum profits tax instalmental payment, withholding tax and Value Added Tax (VAT) returns.

He, however, stressed that nonetheless, the service would continue to identify with the challenges of the times, which the taxpayers are going through.

“FIRS will continue to respond proactively to the realities of these times, towards easing the burden of our esteemed taxpayers.”

FIRS had earlier in the month announced a further extension for the closing date of its waiver of penalty and interest window on tax debts owed by individuals and businesses from June 30 to August 31.

This came after an earlier extension of deadline set to waive interests accruable to debts as well as the related penalties for defaulting taxpayers if they fully settle their indebtedness on or before May 31 to June 30.

Nami said the latest extension was a follow-up to a number of palliative measures devised by the FIRS to cushion the effects of the COVID-19 pandemic on the Nigerian economy in order to support tax-paying individuals and business entities in the country.

Source:- https://www.thisdaylive.com/index.php/2020/08/03/firs-grants-one-week-extension-for-companies-to-file-returns/