Regulatory bodies extend filing deadline in Nigeria

Nigeria has joined a host of other countries around the globe that have rolled out economic palliatives in response to the COVID-19 pandemic. Five (5) regulatory bodies have extended the time to file statutory returns while Nigerian lawmakers have proposed a Bill to improve the economic welfare of businesses and individuals.

• Federal Inland Revenue Service extends the time for filing value added tax, Withholding tax and companies income tax returns. Taxpayers who are registered on the e-filing portal can submit returns online. More details are here.

• Lagos State Inland Revenue Service extends the time to file the annual individual tax returns (Tax Form A) by 2 months. More details are here.

• Nigeria Stock Exchange extends the deadline to file 2019 annual accounts and Q1 2020 reports by 2 months. The new deadline is Friday, 29 May 2020. 

• National Insurance Commission (NAICOM) extends the time to submit first quarter returns by an initial period of one month. NAICOM will also grant waivers for delayed submission of renewal documents by insurance brokers, loss adjusters, and insurance agents.

• Nigerian lawmakers propose Emergency Economic Stimulus Bill 2020. The Bill will provide tax relief and other waivers for businesses and individuals. We will provide more details in our next article.