FIRS Extends Deadline for Waiver of Interest and Penalties on Outstanding Tax Liabilities to Dec 31

Proshare

Wednesday, December 01, 2021 / 11:41AM / by Wole Obayomi / Header Image Credit: Canara HSBC

 

The Federal Inland Revenue Service (FIRS), on 30 November 2021 announced an additional and final one-month extension of its waiver of penalties and interest for companies with outstanding 2021 year of assessment (YOA) companies income tax (CIT) returns.

 

The extension was announced via the Tax Pro-Max portal and follows an earlier extension of the deadline to 30 November 2021 published in our Tax Alert: Issue No. 10.3 of October 2021.  Further, the scope of the waiver has been expanded to include all taxes arising from previous years' assessments.

 

Consequently, affected companies have until 31 December 2021 to submit all outstanding returns and pay the resulting tax liabilities, including previous years' assessments.

 

Comments

The 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.  Accordingly, 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.

 

Credits

* This statement was first published in the Issue 11.7/ November 2021 Newsletter of KPMG of Tuesday November 30, 2021. For further enquiries, please contact the author, Wole Obayomi via ng-fmtaxenquiries@ng.kpmg.com


Proshare Nigeria Pvt. Ltd.


Related News

  1. FIRS Further Extends Deadline for Waiver of Interest and Penalty on Outstanding Tax Liabilities
  2. FIRS Extends Deadline for Waiver of Interest and Penalty on Outstanding Tax Liabilities
  3. TAT Clarifies The Basis For Computing Interest On Tax Liabilities
  4. TAT Nullifies Taxpayer's Claim of Downstream Gas Utilization Incentives
  5. Senate Passes Tertiary Hospitals Development Tax Fund Bill
  6. Commentaries on the VAT (Modification) Order, 2021
  7. Guidelines on Simplified VAT Compliance Regime for Non-Resident Suppliers
  8. Senate Passes Bill to Impose New Taxes on Companies for the Promotion of Healthcare Development
  9. Overview of CITN Statement of Taxation Standards (STS 3): Procedural Aspects of Filing Returns
  10. TAT Rules in Favour of Taxpayer's Statutory Charge Deposit with FIRS


Proshare Nigeria Pvt. Ltd.

Proshare Nigeria Pvt. Ltd.

READ MORE:
Related News
SCROLL TO TOP