Deadline for the waiver of penalty and interest for companies yet to submit outstanding 2021 year of assessment (YOA) companies income tax (CIT) returns has been extended.
The Federal Inland Revenue Service (FIRS) extended the deadline to December 31, 2021 to ease the tax filing migration to Tax Pro-Max, which was introduced in June this year.
The TaxPro-Max is a platform for naira-denominated tax returns filing meant to modernise tax administration and ease tax compliance according to the Executive Chairman of FIRS, Muhammad Nami.
According to the federal tax agency, “affected companies have until 31 December 2021 to submit all outstanding returns and pay the resulting tax liabilities, including previous years’ assessments.” a statement on FIRS portal reads.
Read also: Only 41m people pay tax in Nigeria — FIRS
It further stated that, “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.”
Explaining the extension, FIRS said, “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.”
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
FEATURE…The plight of Kwara communities without potable water, govt presence
With a piteous voice and teary eyes, Isiaku Ajarat reflected on some of the challenges she had faced while trekking...
FEATURES: Rise in Monkeypox infection troubling Nigeria’s rural population
In this features, KELECHUKWU IRUOMA goes into the rural communities of Bayelsa State, south-south Nigeria to uncover the plight of...
SPECIAL REPORT: Kwara communities groan as erosion washes away roads, property
For a number of years communities in Ilorin South LGA of Kwara State have had to live with the menace...
SPECIAL REPORT: Lack of legal provisions, cultural sentiments fueling marital r*pe in Nigeria
By Arinze Chijioke In the early days of Sandra Izuckukwu’s marriage in 2019, her husband, Sunday Izuchukwu, did everything she...
INVESTIGATION… LIVES ON THE LINE (IV): Surviving in a dangerous media environment
This investigation is on the unresolved killing of three Nigerian journalists while on assignments between 2019 and 2020. For six...