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

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    Naija247news Editorial Teamhttps://www.naija247news.com/
    Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

    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.

    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.

    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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