FIRS Extends Deadline for Filing Annual Tax Returns

The Federal Inland Revenue Service on Thursday extended the deadline for filing of annual returns in a number of tax categories for taxpayers.

A public notice signed by the Executive Chairman, FIRS, Muhammad Nami, stated that the management of the service would continue to identify with the challenges of the times which taxpayers were going through.

The notice read in part, “In furtherance of this and in addition to a number of COVID-19 palliatives already in place, as well as in the spirit of this Eid celebration, we hereby grant a further one-week extension from the July 31, 2020 deadline for companies with December accounting year-end to file their Year 2020 annual Income Tax Returns.”

The agency noted that for the purpose of clarity, companies that fall within this category would not be penalized for late submission if they file their Year 2020 Income Tax Returns within the grace period.

It said the grace period was from August 1, 2020, to August 7, 2020.

It noted that in a similar vein, the one week grace period was extended to regular monthly obligations that would become due at the end of July 2020.

It stated that an example of such obligations was the Petroleum Profit Tax instalment payment, Withholding Tax and Value Added Tax Returns.

The FIRS said it would continue to respond proactively to the realities of the current times towards easing the burden of taxpayers.