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FIRS warns companies against late filing of tax report

Felix Oloyede

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FIRS warns companies against late filing of tax report

The Federal Inland Revenue Service (FIRS) has warned companies that late returns on Company Income Tax Returns beyond 30th November 2021 for the 2021 tax year will attract penalties and interest for late filing.

A Public Notice signed by the FIRS Chairman, Muhammad Nami, titled “Expiration of Waiver of Late Returns Penalty and Interest on Filing of Companies Income Tax (CITA) Returns for the 2021 Year of Assessment (YOA)”, says that the grace period extended for companies to migrate to the new platform for filing returns on CITA for the 2021 Year of Assessment expires on November 30, 2021.

Recall that the Service had earlier suspended the imposition of penalty and interest on late Company Income Tax (CITA) Returns for the 2021 Year of Assessment, in order to support the seamless migration to the use of the TaxPro-Max platform made mandatory in June 2021—a solution for the payment of taxes and filing of all Naira-denominated tax returns.

“In order to support seamless migration to the new platform/solution, the Service suspended the imposition of late returns penalty and interest on Companies Income Tax (CITA) Returns for the 2021 Year of Assessment (YOA) which were due for filing on or before 30th June 2021. This was to give room for taxpayers to reconcile their respective tax accounts, including WHT credit notes, for effective onboarding to TaxPro-Max.

“Tax Payers are by this notice directed to conclude all processes of reconciliation and submission of their Naira-denominated CITA Returns for 2021 YOA on TaxPro-Max on or before 30th November 2021.” The notice stated.

All concerned companies should endeavour to conclude all processes of reconciliation and submission of their Naira-denominated CITA Returns for the 2021 Year of Assessment via the TaxPro-Max platform on or before 30th November 2021 to escape the prescribed penalty and interests.

The FIRS emphasized in the Public Notice that, “Any CITA Returns for 2021 YOA not submitted within this grace period will be subject to late returns penalty and interests with effect from the due date of such returns.”

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