Can’t Meet The Deadline To File My Tax Return, How Can I File An Extension?
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If you can’t meet the deadline to file your tax return, you can get an extension of time to file from the FIRS. The extension will give you extra time to get the paperwork into the FIRS, but it does not extend the time you have to pay any tax due. You will owe interest on any amounts not paid by the deadline, plus a late payment penalty if you have paid less than 90 percent of your total tax by that date.
You must make an accurate estimate of any tax due when you request an extension. You may also send a payment for the expected balance due, but this is not required to obtain the extension.
EXTENSION OF TIME FOR MAKING RETURNS:
(1) For the purpose of filing income tax returns, a taxpayer may apply in writing to the Board of the FIRS for an extension of time within which to file returns provided the taxpayer: a. Makes the application before the due date of filing returns; and b. Shows good cause of its inability to comply.
(2) The Board may in writing grant the extension of time for making returns to such time as it may consider appropriate.
CONDITIONS FOR GRANTING EXTENSION OF TIME FOR MAKING RETURNS:
(1) In granting any extension, the Board of the FIRS shall take the following into consideration:
a. in the case of an individual taxpayer, on the death of the taxpayer within the period of filing of the returns;
b. in the case of a company, on the death of any principal officer of the company, such as the Chairman, Managing Director or Company Secretary, within the period of filing of the returns; and
c. Where the company experienced a fire or natural disaster within the period of filing.
(2) The company must provide verifiable evidence of the fire or natural disaster or of the death of the principal officer of the company.
CONSEQUENCE OF LATE FILING UNDER THE PERIOD OF EXTENSION:
Where an extension is granted, any late filing outside the period of extension whether accompanied by payment of tax due or not shall be penalized for late filing under these Regulations.
APPROVAL TO EXTEND TIME NOT TO ALTER TIME FOR PAYMENT OF TAXES:
Any approval granted by the Board of the FIRS under 14 of these Regulations shall not be construed as to alter the time within which payment of taxes shall be made under any applicable tax law provision. The filing of returns for VAT is excluded from this extension.