The Federal Inland Revenue Service (FIRS) via a public notice announced an extension of the deadline for filing Company Income Tax Returns due from January 2021 to November 2021 to 30th November 2021.
However, on 30th November 2021, FIRS via the Tax Pro-Max announced the suspension on interest and penalties for all taxes on back years assessment till 31st December 2021.
The scope of the waiver in terms of how far back the waiver applies and which taxes the waiver applies to was not expressly stated but it is our understanding that the waiver has been expanded to span across all taxes of back years’ assessments and will cover all taxes payable to FIRS.
This is a great initiative by the Service to encourage Taxpayers to offset tax liabilities from previous periods without incurring interest and penalties on them. It is expected with the extension of the waiver more Taxpayers would be drawn to the tax net and this will provide succor to Taxpayers with respect to the migration of filings and compliance to TaxPro-Max system.
As such, all companies are obliged to take benefit of the waiver and have up until 31st December 2021 to submit and pay all outstanding tax liabilities for back years’ assessments.
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