Implications Of Tax And Economic Measures Introduced By Federal Inland Revenue Service In Response To COVID-19 Pandemic
- The filing deadline for value-added tax and withholding tax which was 21 st day of the month of deduction has now been extended to the last working day of the month following the month of deduction. For instance, all the value-added tax and withholding tax charged and deducted for the month of March 2020 must be filed latest by the last working day of April, which is Thursday 30th April. Please NOTE: It is the last working day.
- The deadline for filing of returns for Company Income Tax (CIT) had been extended by one month. For instance, all companies whose accounting year-end is December 31 st. This category of companies has June 31 st (which is six months after their accounting year) as the deadline for filing Company Income Tax returns. This has now been changed to July 31 st.
- Either you or your tax consultant does not need to visit any of the FIRS offices to pay taxes and process a tax clearance certificate. These can be done online.
- Taxpayers can now file tax returns online within the time specified without audited financial statements, which must be submitted within two months of the new deadline date.
- There will not be any need for taxpayers to go to the tax office for submission of the document either for desk review or tax audit. A portal will be created by the tax authorities for taxpayers to upload documents that may be required for desk reviews and tax audits.
- Taxpayers can submit their tax returns online through efiling.firs.gov.ng or by designated e-mail accounts published by the FIRS.
Economic Measures
You can read the details of the economic measures in this article.
https://www.thisdaylive.com/index.php/2020/03/17/cbn-unveils-measures-to-cushion-covid-19-impact-on-economy/