FIRS Announces Deadline for Waiver of Interest and Penalties on Late CIT Returns

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Monday, October 11, 2021 / 05:02 PM / by Wole Obayomi / Header Image Credit: Indiafilings

 

The Federal Inland Revenue Service (FIRS) has issued a Public Notice imposing 30 November 2021 deadline for expiration of waiver of penalty and interest for companies with outstanding companies income tax (CIT) returns for 2021 year of assessment (YOA).

 

The announcement follows FIRS' earlier extension of the deadline for filing Naira-denominated CIT returns from 30 June 2021 to 31 July 2021 to allow for a seamless migration to TaxPro-Max and reconciliation of unutilized withholding tax (WHT) credits and tax losses on the platform. Read our Tax Alert Issue No. 7.1 of July 2021 for further details.


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Consequently, to be eligible for waiver of late filing penalty and interest, affected taxpayers have until 30 November 2021 to conclude their outstanding reconciliations on TaxPro-Max and file their 2021 YOA CIT returns accordingly.

 

Comments 

We commend the FIRS for its responsiveness to the yearnings of taxpayers for reprieve following the challenges arising from migration to TaxPro-Max for tax filing and compliance. It is expected that the extension of the filing deadline will afford affected taxpayers the opportunity to regularize their tax records and file their outstanding 2021 YOA CIT returns accordingly.


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Credits

* This statement was first published in the Issue 10.3/ October 2021 Newsletter of KPMG of Monday October 11, 2021. For further enquiries, please contact the author, Wole Obayomi via ng-fmtaxenquiries@ng.kpmg.com


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