FIRS Extends Waiver on Penalty for Late CIT Returns till Dec 31

Federal Inland Revenue Service (FIRS) has extended the date of penalising late filing of Company Income Tax (CIT) by another one month.

FIRS had said it going to sanction late filing of tax returns by companies in Nigeria.

The information on the extension of penalty for defaulters was contained in the agency’s Tax Pro-Max portal on Tuesday.

FIRS said the affected companies have until 31 December 2021 “to submit all outstanding returns and pay the resulting tax liabilities, including previous years’ assessments.”

The revenue agency said additional extension of the waiver of penalties and interest on outstanding 2021 YOA returns is a welcome development and further demonstrates FIRS’ commitment to providing reprieve to taxpayers following migration to Tax Pro-Max for tax filing and compliance,” the revenue agency added.

“It is expected that the additional extension will afford affected taxpayers sufficient time to file their outstanding 2021 YOA CIT returns and pay their related liabilities to enable them to enjoy the waiver,” FIRS said in the statement on its TaxPro -Max.

The FIRS introduced the TaxPro-Max, a platform for filing naira-denominated tax returns, in June 2021.

The scope of the waiver has been further expanded to include all taxes arising from subsequent years’ assessments.