Federal Inland Revenue Service (FIRS) has additionally stretched out the cutoff time for organizations to record their tax returns by one week. An announcement from the administration on Thursday clarified that the expansion was both in the soul of the merry season and valuation for the challenges organizations were looking due to coronavirus pandemic.
“In furtherance of this, and, in addition to a number of COVID-19 palliative already in place, as well as in the spirit of this Eid celebration, we hereby grant a further one-week extension from the 31st July 2020 deadline for Companies with December accounting year-end to file their Year 2020annual Income Tax Returns.”
The notice added: “For the purpose of clarity, companies that fall within this category will not be penalised for late submission, if they file their Year 2020 Income Tax Returns within the grace period, that is, 1st August 2020 to 7th August 2020 as herein granted.
“In a similar vein, the one-week grace period is extended to regular monthly obligations that become due at the end of July 2020, for example, Petroleum Profits Tax instalments Payment, Withholding Tax and Value Added Tax Returns.
“FIRS will continue to respond proactively to the realities of these times, towards easing the burden of our esteemed taxpayers. the Federal Inland Revenue Service chairman added