1. This is to
bring to the notice of all principal officers, especially Chairmen, Managing
Directors, Chief Executive Officers, Executive and Non-Executive Directors,
Chief Financial Officers, etc of all companies (including those exempted from
incorporation) of the provision of Section 55 of the Companies Income Tax Act
(CITA), Cap C21, Laws of the Federation of Nigeria, 2004, which require every
company (including those which are not liable to pay tax) to file
self-assessment returns with FIRS within six months of the end of their
financial year.
2. In
particular, FIRS has noted that a considerable number of companies with
financial year end of June 30, 2015 are yet to file their Companies Income Tax
(CIT) returns over six (6) months after their year-end. In addition, we have
noted that some companies are in the habit of filing their annual income tax
returns in arrears and our review has shown that some companies are yet to file
their 2013 and 2014 returns, while some are in default of more than three
years.
3. We are
therefore demanding that all defaulting companies should prepare and file their
outstanding income tax returns and pay the tax due for each of the outstanding years
within fourteen (14) days from the date of this publication. Failure to file
tax returns and pay the tax due is an offence punishable under Section 55 (5)
CITA. Accordingly, at the expiration of fourteen (14) days, FIRS will invoke
the provision of that section and hold the principal officers (Chairmen, MDs,
CEOs, Executive and Non-Executive Directors, CFOs, etc) of any defaulting
company personally liable (individual and collectively) and impose the
prescribed sanctions under the law, which include fines and imprisonment.
4. The above
listed principal officers of affected companies should ensure full compliance
within the next fourteen (14) days, cooperate with and support FIRS in ensuring
that all tax obligations are promptly paid or discharged, so that they do not
fall foul of the law and personally suffer the prescribed sanctions.
Tunde
Fowler
Executive
Chairman
Federal Inland
Revenue Service
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