FIRS extends deadline for filing Company Income Tax returns

COMPANIES that were unable to file their income tax (CIT) returns for the 2023 year of assessment (YOA), which fell due on June 30, have been given up till August 31, 2023 to submit their returns to the Federal Inland Revenue Service (FIRS).

Company income tax is imposed on the income of all companies operating in the country, except those specifically exempted under the Company Income Tax Act (CITA).

The FIRS, in a Public Notice signed by its Executive Chairman Muhammad Nami and issued on July 10, stated that it had received numerous calls from companies requesting for the extension of time to submit their CIT returns as they were unable to meet up with the June 30 deadline.






     

     

    The Service noted that as a measure of goodwill and in line with relevant provisions of CITA, “all companies whose CIT returns for 2023 year of assessment that fall due between 30th June and 31st August 2023 (both days inclusive) are given up to 31st August 2023 to submit the returns to the Service”.

    The FIRS clarified that the relevant CIT returns would not attract late filing penalties or interests if payments were made on or before August 31, 2023, noting further that where companies failed to file by the extended date, the penalty and interest for late payment would be computed from the original due date.

    The Service also stated that the extension of filing date was for only CIT and did not include returns for withholding tax, value added tax (VAT), and personal income tax (PAYE), among others.

    “The Service invites all relevant taxpayers to take the opportunity afforded by this extension to submit their CIT returns within the specified time, pay the taxes due and avoid payment of penalty and interest,” the notice read.

    Harrison Edeh is a journalist with the International Centre for Investigative Reporting, always determined to drive advocacy for good governance through holding public officials and businesses accountable.

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