Deadline for filing income tax and transfer pricing returns – avoid the last minute rush and material penalties

Deadline for filing income tax and transfer pricing returns – avoid the last minute rush and material penalties

The Companies Income Tax Act (CITA) and Income Tax (Transfer Pricing) Regulations 2018 (the TP Regulations) require corporate taxpayers to file annual companies income tax (CIT) and TP returns within six (6) months after their financial year-end (i.e., due date for filing).

Federal High Court rules against income tax assessment based on value of properties

The FHC granted a perpetual injunction restraining FIRS from issuing a companies income tax (CIT) assessment based on deemed turnover using the value of taxpayer’s property.