The Federal Inland Revenue Service (FIRS) has added another waiver to taxpayers in Nigeria. Companies with accounting year-end of December 2019 have an additional time of one-week from July 31st to file their 2020 income tax returns. The new deadline is August 7th, 2020. During the grace period, FIRS will not penalize taxpayers with a financial year-end of December for a late submission.
The filing extension of one-week also applies to monthly tax returns that are due on July 31st, 2020. For instance, value added tax and withholding tax returns. It can be deduced that FIRS will not charge taxpayers with late returns penalty for monthly returns.
In response to COVID-19, FIRS allowed a one-month extension for filing corporate tax returns and the last day of the month for filing monthly returns. Although FIRS disclosed the waiver on a public holiday and a day to the due date, businesses that are yet to file their returns can submit within seven days.
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