The Lagos Chamber of Commerce and Industry has called on the Nigeria Revenue Service to grant a one-month extension for the filing of Company Income Tax (CIT) returns, saying the additional time would help businesses meet their tax obligations more efficiently while strengthening voluntary compliance.
The Chamber explained that many companies continue to face operational, administrative, and financial challenges that have affected the timely preparation and submission of their tax returns.
Furthermore, it maintained that extending the filing deadline would provide businesses with adequate time to complete accurate tax documentation while reducing unnecessary compliance pressure.
Supporting Voluntary Tax Compliance
The LCCI emphasised that voluntary compliance remains the foundation of an effective tax administration system.
Furthermore, businesses are more likely to comply fully when tax processes are practical, transparent, and responsive to prevailing economic realities.
According to the Chamber, granting an extension would encourage more companies to file complete and accurate returns without unnecessary haste.
Such an approach strengthens confidence in the tax system.
Relieving Pressure on Businesses
The Chamber noted that many businesses continue to navigate a challenging operating environment.
Furthermore, rising operational costs, inflationary pressures, foreign exchange fluctuations, and evolving regulatory requirements have increased administrative demands on corporate organisations.
Providing additional time for tax filing, the LCCI argued, would enable companies to fulfil their obligations while maintaining operational efficiency.
Balanced policies support business sustainability.
Promoting Accurate Tax Returns
LCCI also stressed that accuracy should remain a priority in tax administration.
Furthermore, additional preparation time allows companies to reconcile financial records, complete statutory documentation, and minimise filing errors.
Accurate submissions benefit both taxpayers and tax authorities by reducing disputes, improving record quality, and supporting efficient tax administration.
Quality compliance strengthens overall fiscal governance.
Strengthening Government Revenue
The Chamber explained that granting an extension should not be viewed as a reduction in government revenue.
Furthermore, improved compliance often results in more complete and accurate tax submissions, thereby supporting stronger long-term revenue collection.
Businesses that comply voluntarily contribute significantly to sustainable government financing and national development.
Effective tax administration benefits the entire economy.
Creating a Business-Friendly Environment
LCCI reaffirmed the importance of maintaining policies that encourage enterprise growth and investment.
Furthermore, predictable and flexible regulatory measures improve investor confidence while supporting business expansion.
The Chamber stated that responsive tax administration demonstrates government’s commitment to creating an enabling environment for both local and foreign investors.
A supportive business climate encourages economic growth.
Encouraging Dialogue Between Stakeholders
The Chamber also called for continued engagement between tax authorities and the organised private sector.
Furthermore, regular consultations enable policymakers to understand business realities while developing practical solutions that strengthen compliance.
Constructive dialogue helps build trust, improve policy implementation, and reduce unnecessary administrative burdens.
Collaboration strengthens institutional effectiveness.
Supporting Economic Growth
LCCI emphasised that strong businesses ultimately generate employment, stimulate investment, expand production, and increase tax revenue.
Furthermore, policies that balance regulatory compliance with business realities contribute to broader economic stability and sustainable development.
The Chamber reiterated its commitment to supporting reforms that improve both tax administration and private sector competitiveness.
Business growth remains essential to national prosperity.
A Call for Practical Tax Administration
The Lagos Chamber of Commerce and Industry’s request for a one-month extension of the Company Income Tax filing deadline reflects its broader commitment to promoting efficient tax compliance and a business-friendly regulatory environment.
Furthermore, granting additional time would enable companies to submit accurate returns while supporting voluntary compliance and strengthening collaboration between businesses and tax authorities.
As Nigeria continues modernising its tax administration framework, balanced policies that encourage compliance, improve transparency, and support enterprise development are expected to enhance government revenue, boost investor confidence, and contribute to sustained economic growth.
About The Author
