The Federal Inland Revenue Service (FIRS) has announced the extension of the due date for filing of Value Added Tax (VAT) returns. The extension was communicated in a notice issued by the Chairman of the FIRS, Mohammed Nami, on Tuesday.
The notice, which was released to the public, stated that the extension had become necessary due to the ongoing review of the VAT system by the government. The notice also contained the new deadline for filing the returns.
The extension of the deadline is expected to enable taxpayers to comply with the new VAT regulations. It is also expected to provide enough time for the FIRS to conclude its ongoing review of the VAT system.
The FIRS had initially extended the deadline for filing of VAT returns in April. However, with the new extension, affected taxpayers now have more time to submit their returns.
It is important to note that failure to comply with the new regulations may lead to penalties and sanctions from the FIRS. Taxpayers are therefore advised to take advantage of the extended deadline to file their returns as soon as possible.
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