The Federal Inland Revenue Service (FIRS) on Tuesday stated that companies that were unable to file their Companies Income Tax (CIT) returns for the 2023 year of assessment (Y-o-A) that fell due on the 30th of June 2023 have been given up to 31st August, 2023 to submit their returns.
The Service, in a Public Notice signed by its Executive Chairman, Mr. Muhammad Nami, indicated that it had received several calls from companies requesting for the extension of time for the filing of their CIT as they were unable to meet up with the deadline.
It noted that as a measure of goodwill and in line with relevant provisions of the Companies Income Tax Act, “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 assured the affected companies that the relevant CIT returns would not attract late filing penalties or interests if payments were made on or before 31st August 2023, pointing out that where companies fail to file their CIT returns at the expiration of the extension given, the penalty and interest for late payment will be computed from the original due date.
The Notice further clarified: “The relevant CIT returns shall, therefore, not attract Late Filing Penalty or interest for late payment if submitted to the Service on or before 31st August 2023.
“Where relevant CIT returns are not filed by the extended date, penalty and interest for late payment shall be computed from the original due date and not the extended date”, it added.
The federal revenue agency also stated that the extension of filing date applied to only CIT and did not include returns for withholding tax (WHT), value added tax (VAT), and pay as you earn (PAYE) tax, among others.
It, therefore, urges “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.”
