What The Tax Filing Deadline Extension Means
As you may have heard by now, that Federal Inland Revenue Service has extended the deadline for filing of Company Income Tax from June 2020 to July 2020 for companies whose year end is December 31.
And also, Lagos State Internal Revenue Service has extended the deadline for the filing of Personal Income Tax Annual Returns for tax payers, including self-employed persons for two months, from today to May 31. Statutorily, the filing of the yearly returns expires on the March 31 of every fiscal year, and attracts stiff penalties for defaulters. With this extension, taxpayers are given a breather.
These measures the Federal Inland Revenue Service (FIRS) and Lagos State Internal Revenue (LSIRS) is put in place to curb the economic fallout from the coronavirus (COVID-19) outbreak here in Nigeria
This will give the taxpayers in case FIRS one more month and in case of LSIRS two more months than they normally would have to file their income tax returns for the 2019 tax year.
There are many moving pieces to this bit of news, and we wanted to make sure you had all the necessary information before making any decisions about your tax return.
In addition, there is fiscal policy legislation that will provide relief to many taxpayers and business owners. Please follow our blog and social media feeds to get the latest updates. Feel free to contact us via phone, email, whatsapp to discuss any questions or concerns you may have.
As always, we are here to support you, your loved ones, and your financial interests during this hectic time.