By 
The Federal Inland Revenue Service (FIRS) in Nigeria has announced an extension of the due date for submitting companies’ income tax returns for the financial year 2023. This decision was made in response to numerous requests received from companies who were unable to meet the original deadline.
According to the FIRS, companies whose CIT returns for the 2023 assessment year were due between June 30th and August 31st, 2023 (inclusive) will now have until August 31st, 2023 to submit their returns. This extension is a one-time gesture specifically for the 2023 CIT returns and will not attract late filing penalties or interest if submitted within the extended timeframe.
However, the FIRS clarified that the extension only applies to CIT returns and does not include returns for withholding tax, value-added tax, personal income tax (PAYE), and other taxes. Companies are urged to take advantage of this extension to submit their CIT returns, settle any taxes due, and avoid penalties and interest charges.
The FIRS emphasized that in cases where the relevant CIT returns are not filed by the extended date, penalties and interest for late payment will be calculated from the original due date, not the extended date.
The service encourages all eligible taxpayers to utilize this opportunity to fulfill their obligations by submitting their CIT returns within the specified timeframe and ensuring timely payment of taxes. By doing so, companies can avoid unnecessary penalties and interest charges.
Comments