FIRS Extends Deadline for Waiver Of Interest, Penalties On CIT

By Chimara Bygold

The Federal Inland Revenue Service (FIRS) has announced additional and final one-month extension of its waiver for penalties and interest for companies with outstanding 2021 year of assessment (YOA) companies income tax (CIT) returns.

The extension was announced on 30 November 2021through the Tax Pro-Max portal and follows an earlier extension of the deadline to 30 November 2021.

According to the FIRS,  the scope of the waiver has been expanded to include all taxes arising from previous years’ assessments.

“Consequently, affected companies have until 31 December 2021 to submit all outstanding returns and pay the resulting tax liabilities, including previous years’ assessments,” the agency stated.

The FIRS had started on June 2, 2020 with  extension of  the deadline for waiver of penalty and interest (P&I) on outstanding tax liabilities arising from desk reviews, tax audits and investigation to Tuesday, 30 June 2020.

The announcement followed its earlier COVID-19 palliative measures No.3 published in our Tax Alert Issue No. 4.4 of April 2020.

Chimara Bygold

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