The Federal Inland Revenue Service (FIRS) has again extended the deadline for filing of annual income tax returns and other regular monthly obligations that would become due at the end of July 2020.
A public notice signed by the Agency’s Executive Chairman, Muhammad Nami, stated that the management of the Service would continue to identify with the challenges of the times which taxpayers which taxpayers are going through. The notice further reads that the latest palliative is in addition to a number of COVID-19 palliatives already in place, as well as in the spirit of this Eid celebration.
The extended deadline for companies with December accounting year end, which was expected to lapse on July 31, 2020 has been extended by one week. The grace period will be from August 1, 2020 to August 7, 2020.
For the purpose of clarity, the public notice signed stated that companies that fall within this category would not be penalized for late submission if they file their 2020 income tax returns within the grace period.
Similarly, the one week grace period is extended to regular monthly obligations that would become due at the end of July 2020. You would recall that one of the earlier palliatives from the Agency was to extend the filing deadline for VAT and WHT returns (which are statutorily due on the 21st day in the month preceding month of transaction) to end of the month.