The Lagos Chamber of Commerce and Industry (LCCI) is advocating for an extension of the deadline for filing Company Income Tax (CIT) returns due to significant disruptions caused by the recent Rev360 crash. The chamber argues that the June 30, 2026 deadline should be pushed back by one month to accommodate businesses that were unable to file their taxes on time due to widespread technological issues.
In a statement, LCCI President Dr. Michael Olawale emphasized the necessity of this extension, noting, "The challenges posed by the Rev360 system failure have placed undue stress on businesses, making compliance nearly impossible for many." The call for a penalty waiver further highlights the chamber's concern for the economic impact on companies struggling to meet their tax obligations amidst these technical difficulties.
As businesses navigate this tumultuous landscape, the urgency of the LCCI's request underscores the broader implications for Nigeria’s economic stability. With many firms still recovering from the fallout of the Rev360 incident, a timely response from the Nigeria Revenue Service could foster a more conducive environment for tax compliance and economic growth in the coming months.
