Several non-essential businesses and workers stayed indoors in April 2020 due to the pandemic. As the Federal Government and State Government offered palliatives to citizens, so did FIRS to taxpayers. In case you missed the major tax headlines, here are the four (4) events that shaped the Nigeria tax space in April 2020.
- Federal Inland Revenue Service (FIRS) extends the deadline for filing personal income tax (PIT) returns to June 30, 2020.
- Deductibility of COVID-19 donations: Federal Government considers the inclusion of COVID-19 contributions as an allowable expense for income tax.
- Appeal to pay tax before the due date: FIRS encourages booming businesses to pay taxes early. FIRS allows payment in Naira for transactions in foreign currency.
The article is available here.
- Tax waiver: FIRS waives interest and penalty on audit, desk review for 30 days. More details here.