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FIRS extends waiver on CIT penalty, as Tax Pro-Max delays filing

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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.”

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