FIRS Directs Approved Enterprises to File Income Tax Returns

FIRS Mandates all Approved Enterprises Operating in Free Trade Zones, Export Processing Zones and Oil & Gas Free Zones to File Income Tax Returns

Pursuant to the amendments made to the Nigeria Export Processing Zones Authority (NEPZA) and Oil and Gas Free Zone Authority (OGFZA) by the Finance Act 2020, the Federal Inland Revenue Service(FIRS) by a public notice dated April 1 2021, has mandated all enterprises registered and operating in the Export Processing and Oil & Gas Free Zones (the ‘Zones’) to file income tax returns for 2021 and subsequent years of assessment; and to compute income tax and pay the tax due (if any). The tax exemption status of Free Zone enterprises is still existent. The Enterprises are now merely required to file Nil Income Tax Returns.

Approved enterprises are expected to make this filing in accordance with the table below:

S/N

FREE TRADE ZONES

FIRS OFFICE TO FILE RETURNS

1. Enterprises operating in the Zones located in South-South Geo-political region of Nigeria

MTO Port Harcourt

 

2. Enterprises operating in the Zones located in South-East Geo-political region of Nigeria

MTO Enugu

3. Enterprises operating in the Zones located in South-West Geo-political region of Nigeria

MTO Ibadan

4. Enterprises operating in the Zones located in North-East and North-West Geo-political region of Nigeria

MTO Kano

5. Enterprises operating in the Zones located in Lagos State

MTO Lagos Island

6. Enterprises operating in the Zones located in North-Central Geo-political region of Nigeria and FCT

MTO Abuja

FIRS has indicated through this release that the relevant penalties prescribed by Company Income Tax Act or Federal Inland Revenue Service (Establishment) Act 2007 will be imposed for failure to comply.

For further inquiries and assistance, please contact:

YEYE NWIDAA

Senior Associate,

Corporate Commercial Practice

[email protected]

+234 (0) 805 440 0062