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Filing of Companies Income Tax returns – important information

Filing of Companies Income Tax returns

Companies with 31 December financial year-end effectively now have 24 hours to the statutory deadline of 30 June 2018 to file their Companies Income Tax (CIT) returns with the Federal Inland Revenue Service (FIRS).

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Partner & Head, Tax, Regulatory & People Services

KPMG in Nigeria

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Following recent deployment by the Federal Inland Revenue Service (FIRS) of its e-filing portal, we understand that some FIRS tax offices have indicated that they would not accept hard copy CIT returns, as
they expected registered taxpayers to have obtained e-filing access details from the Taxpayer Services Unit to enable them to file their CIT returns online accordingly. 


Where, however, the FIRS has not provided e-filing log-in details to a taxpayer that has duly applied for it, the hard copy CIT returns would be accepted by the FIRS.  The same concession would apply where a taxpayer is able to sufficiently demonstrate that its inability to file electronically is due to technical issues associated with the FIRS’ e-filing portal. This has been the case in the last three days, but the expectation is that the FIRS would promptly resolve any system glitch.


In light of the above developments, affected companies are advised to take immediate steps to obtain their e-filing log-in details from the FIRS and confirm its functionality, if they are yet to do so. Overall, companies should ensure that they file their CIT returns by Friday, 29 June 2018 to avoid penalty for late filing.

For further enquiries on the above, please contact:
 
Wole Obayomi
 
ng-fmtaxenquiries@ng.kpmg.com



 


 




 
 


 



 

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