Further to the outbreak and rapid wide spread of Corona Virus (Covid-19) in Nigeria and its debilitating effect on the Nigerian economy, there has been several economic interventions across various sectors aimed at cushioning the effect of the Covid-19 pandemic on individuals, businesses and the economy as a whole. These interventions include stimulus package released by the Central Bank of Nigeria as well as the introduction of Emergency and Economic Stimulus Bill by the House of Representatives on 24th of March 2020.
Asides the above stated, the Federal Inland Revenue Services (FIRS) on 23rd of March 2020 issued a protocol on health and safety measures that must be adhered to when visiting any of its offices and further granted administrative concession to taxpayers in a bid to mitigate the impact of COVID-19. The administrative concessions and measures are as follow;
1. Extension of timeline for filing of value added tax and withholding tax from the 21st day of each month to the last working day of the month, following the month of deduction.
2. Submission of tax returns vide the electronic filing platform by the already registered taxpayers or by the designated e-mail accounts published by the FIRS.
3. Filing of tax returns by taxpayers without the audited financial statements provided that the audited financial statements must be submitted within two months after the revised due date of filing.
4. Extension of the due date for filing of Companies’ Income Tax (CIT) returns by one month.
5. Proposed creation of a portal where documents required for desk reviews and tax audits will be uploaded by taxpayers for online access by the tax authority.
6. Continued use of electronic platforms for payment of taxes and processing of tax clearance certificates.
The measures and administrative concessions prescribed by the FIRS in response to the Covid-19 pandemic are quite laudable and taxpayers are enjoined to take advantage of the administrative measures in regularizing their tax positions with the FIRS.
