The Federal Inland Revenue Service, FIRS, has directed all companies that enjoyed capital allowances on Qualifying Capital Expenditure, QCE (of N500,000.00 and above) between 2016 and 2021 years of assessment, to submit their Certificate(s) of Acceptance not later than October 31 this year or face withdrawal of the capital allowances they enjoyed for the relevant years of assessment.
Fresh Angle International can report that the FIRS, in a statement issued today, Monday May 9, hinged its position on Section 26 of the Federal Inland Revenue Service (Establishment) Act, 2007 (as amended) and Section 60 of CITA, which provide that the Service may, by notice, call for the submission of any book, document or record, at the place and time stated in the notice”.
The FIRS added: “In view of the foregoing, the Service, by this notice, request all companies that enjoyed capital allowances on QCE (of N500,000.00 and above) between 2016 and 2021 years of assessment, to submit the Certificate(s) of Acceptance issued by the Industrial Inspectorate Division of the Federal Ministry of Industries, Trade and Investment. The Certificate(s) of Acceptance shall be submitted to the tax office where the company's tax file is domiciled not later than 31st October 2022.
“The Service may withdraw the capital allowances enjoyed for the relevant years of assessment by any company that failed to comply with this notice with consequential additional tax assessed accordingly.
“In line with Section 3 of the Industrial Inspectorate Act, Cap. 18, LFN 2004 (as amended), any person incurring Qualifying Capital Expenditure (QCE) of N500,000.00 and above is required to obtain Certificate of Acceptance from the Industrial Inspectorate Division of the Federal Ministry of Industries, Trade and Investment in respect of that QCE
“By the provisions of Section 5(1)(a) of the Act, the Service may take account of any fact contained in the Acceptance Certificate in the exercise of its functions, including the grant of capital allowance under the second schedule to the Companies Income Tax Act (CITA) Cap. C21, LFN 2004 (as amended)”.
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ISSN 2354 - 4104
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