Friday, April02, 2021 /10:03 PM / By Wole Obayomi/ Header Image Credit: Global Trade Magazine
The Federal Inland Revenue Service (FIRS) on Tuesday,30 March 2020 published the list of its tax offices designated for filing ofincome tax returns by Approved Enterprises (AEs) operating in Nigeria ExportProcessing Zones and Oil & Gas Free Zones (collectively called "the Zones")further to the amendment of Section 18(1) of the Nigeria Export ProcessingZones Authority Act and Oil and Gas Free Zone Authority Act ("the Acts") byFinance Act, 2020.
Based on the amendment, AEs are now required to submittheir income tax returns with the FIRS in accordance with the provisions ofSection 55 of the Companies Income Tax (CIT) Act. The following taxoffices have been assigned to AEs based on the geo-political locations of theZones for ease of compliance:
S/No. | Geo-political location of the Zone | Designated FIRS Tax Office |
1 | South-South | MTO Port Harcourt |
2 | South-East | MTO Enugu |
3 | South-West | MTO Ibadan |
4 | North-East | MTO Kano |
5 | North-Central | MTO Abuja |
6 | Lagos State | MTO Lagos Island |
Comments
The requirement for AEs to file CIT returns with theFIRS aligns with the general thrust of the amended Section 55 of the CIT Act toenhance the FIRS' information database on all companies carrying on businessactivities in Nigeria, including non-resident companies and companies exemptedfrom taxation in Nigeria. It is hoped that a complete and accurate database of all businesses inNigeria will enable the FIRS to improve taxadministration and service delivery, in line with the Federal Government'spolicy of improving ease of doing business in Nigeria.
As responsible corporate citizens, AEs are expected tocomply with the new filing requirements and file their CIT returns at thedesignated tax offices to avoid penalty for default.
Credits
* Thisstatement was first published in the Issue 4.2/ April 2021 Newsletter of KPMGof Friday, April 02, 2021. For further enquiries, please contact the author, Wole Obayomi via [email protected]
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