On 29 March 2021, the Federal Inland Revenue Service (FIRS) issued a public notice to the general public, taxpayers and tax practitioners to provide clarification on instalment payments in line with the provisions of the Finance Act, 2019.
The notice implies any company that wishes to pay by instalments must have applied in writing, before the due date of filing, attaching evidence of full payment of Tertiary Education Tax (TEDT) and first instalment of the Companies Income Tax (CIT) due. It is important to note that the last instalment must be paid on or before the due date for filing tax returns, otherwise penalty and interest will be charged after the due date.
