The Federal Inland Revenue Service (FIRS) has warned that late returns on Company Income Tax (CIT) returns beyond November 30, 2021 for the 2021 tax year would attract penalty and interest.
In a statement yesterday, its chairman, Muhammad Nami, said the grace period extended for companies to migrate to the new platform for filing returns on CITA for 2021 Year of Assessment expires on November 30.
The service had suspended the imposition of penalty and interest on late CIT returns for 2021 year of assessment, in order to support the seamless migration to the use of the TaxPro-Max platform made mandatory in June 2021—a solution for the payment of taxes and filing of all naira-denominated tax returns.
“In order to support seamless migration to the new platform/solution, the service suspended the imposition of late returns penalty and interest on Companies Income Tax (CITA) Returns for 2021 Year of Assessment (YOA) which were due for filing on or before 30th June, 2021. This was to give room for taxpayers to reconcile their respective tax accounts, including WHT credit notes, for effective on-boarding to TaxPro-Max.
“Tax payers are by this notice directed to conclude all processes of reconciliation and submission of their naira-denominated CITA returns for 2021 YOA on TaxPro-Max on or before 30th November, 2021.” The notice stated.