Nigeria: Late-filing penalty and interest relief for companies, through 30 November 2021
Late-filing penalty and interest relief is suspended through 30 November 2021, for companies with outstanding income tax returns
Late-filing penalty and interest relief for companies, through 30 November 2021
The Federal Inland Revenue Service announced that for companies with outstanding income tax returns for the 2021 year of assessment, late-filing penalty and interest relief is suspended through 30 November 2021.
Previously, the deadline for filing Naira-denominated income tax returns was extended through 31 July 2021 (from 30 June 2021) in an effort to allow for the migration to an electronic platform and to allow for reconciliation of unutilized withholding tax credits and tax losses on the platform. Read TaxNewsFlash
Accordingly, eligible taxpayers have until 30 November 2021 to complete their reconciliations via the platform and to file their income tax returns for the 2021 year of assessment.
Read an October 2021 report [PDF 628 KB] prepared by the KPMG member firm in Nigeria
The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.