The initial deadline was set for 30 June but now has been extended to 31 July 2015.
The new deadline, according to the Committee, was arrived at after taking into account the impact the winter recess period would have had on the ability of MPs to meet the June deadline.
Co-chairpersons Amos Masondo and Aumsen Singh said the Committee agreed that it would have been unfair to expect MPs to finalise and submit their declarations at a time when Parliament would be on recess.
"This season's recess period is scheduled to run from 29 June to 20 July 2015 and is usually a period during which MPs are away from Parliament to focus more on servicing their respective constituencies," the Committee said in a statement on Thursday.
The co-Chairpersons said it was important for MPs to comply with this deadline to show respect for the rules of Parliament that are aimed at ensuring transparency and accountability.
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