What you Should Know:

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- The FIRS requires that all companies submit specific returns on an annual basis. These returns comprise the Financial statements, showing profit or loss for the business and other asset/liability positions, and Tax Computation for each year.

- All companies that fail to render these annual returns will have to pay compulsory penalties, computed on a monthly basis e.g. N50,000 per month for late filing. These penalties combined with interest and tax liabilities often run into millions of naira in some cases.

- The FIRS may enforce these compulsory tax payments by: liaising with banks to block Company bank accounts, denying companies the collection of their Tax clearance certificates or even placing the office premises under lock and key.

The great news is "FIRS, as a COVID 19 Palliative, is waiving accumulated penalties for all companies until 31 December 2020. 

What to do Next?

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- Submit Financial Statements and Tax Computation to the FIRS immediately before 31 December, 2020. That's all you need to do.

If you need assistance or clarification, you can send an email to taxmanonline365@gmail.com or Call/WhatsApp on 09012262552.
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