The Federal Inland Revenue Service has partly extended the deadline for the submission of Companies Income Tax returns for the 2023 year of assessment.
The company announced in a statement signed by the Executive Chairman of FIRS, Muhammed Nami, that it had received numerous requests from businesses for an extension of the time to file CIT forms for the year due to their inability to meet the deadline which was due on June 30th, 2023.
The statement read: “The Service recommends the following as a gesture of goodwill and in accordance with pertinent sections of the Companies Income Tax Act:
“Firstly, all companies whose CIT returns for the 2023 fiscal year are due between the 30th of June and the 31st of August, 2023 (both days inclusive) have until the 31st of August, 2023 to submit the returns to the Service.
“Secondly, only the 2023 YOA CIT returns, which are due as stated, will receive the one-time due date extension.”
The service also declared that if the pertinent CIT reports are submitted to the Service on or before August 31, 2023, neither a Late Filing Penalty nor interest for late payment will apply.
According to the notice: “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.”
Lastly, the service stated that the extension of the due date for submissions only applies to CIT filings; “it does not affect returns for other taxes, such as personal income tax and value-added tax, withholding tax, etc.”
The Service then urged all applicable taxpayers to take advantage of this chance to complete their CIT returns on time and pay any outstanding taxes in order to avoid paying penalties and interest.
