[ad_1]
The Federal Inland Income Service has prolonged the deadline for submitting Firms Earnings Tax Returns for the 2022 12 months of Evaluation, which was due on thirtieth June 2022, to thirty first August 2022.
This was disclosed in a Press Launch issued in the present day by the Federal Inland Income Service (FIRS), and signed by the tax authority’s Govt Chairman, Muhammad Nami.
The extension solely applies to CIT returns, different taxes akin to VAT and withholding taxes usually are not lined. Additionally, there shall be no penalty for late returns and cost for 2022 in respect of the related tax returns which might be filed by 31 August 2022.
What FIRS is saying
Nami stated that the choice was taken after receiving “quite a few calls from firms for the extension of time to submit the Firms Earnings Tax (CIT) returns for the 2022 yr of evaluation falling due on thirtieth June 2022.”
- He said that as a measure of goodwill by the Service and in step with related provisions of the Firms Earnings Tax Act, it had directed that “all Firms whose Firms Earnings Tax (CIT) returns for the 2022 12 months Of Evaluation that fall due between thirtieth June and thirty first August 2022 (each days inclusive), got as much as thirty first August 2022 to submit their returns to the Service.”
- He went additional to state that the extension is a “one-off gesture by the Service for under the 2022 12 months of Evaluation on Firm Earnings Tax Returns” and that Firms who filed inside this era of extension wouldn’t be topic to Late Submitting Penalty or curiosity for late cost.
- He added, “The related Firm Earnings Tax returns shall, due to this fact, not appeal to Late Submitting Penalty or curiosity for late cost if submitted to the Service on or earlier than thirty first August 2022;
- “The place related Firm Earnings Tax returns usually are not filed by the prolonged date, penalty and curiosity for late cost shall be computed from the unique due date and never the prolonged date,” Mr Nami stated.
- He did, nevertheless, make clear that the delay solely pertains to the submitting of Firms Earnings Tax Returns and doesn’t apply to different taxes.
- “This extension of the submitting date is just for CIT and doesn’t embrace returns for withholding tax, value-added tax, private revenue tax (PAYE), etcetera,” Mr Nami identified.
FIRS urged related taxpayers to make the most of the extension and submit their Firms’ Earnings Tax Returns and pay their respective taxes inside the time-frame stipulated.
Associated
[ad_2]
Source link
