FIRS Extends Due Date for CIT Returns Submission

FIRS Extends Due Date for CIT Returns Submission

Nigeria’s federal revenue authority has extended the due date for submitting companies’ income tax returns for the financial year 2023, according to a release issued.

The Federal Inland Revenue Service attributes its decision to numerous calls it received from companies for the extension of time to submit the Companies’ Income Tax (CIT) returns for 2023 year of assessment falling due on 30th June 2023 as a result of their inability to meet up with the deadline.

Consequently, the FIRS said as a measure of goodwill and in line with relevant provisions of the Companies Income Tax Act, the service directs all companies whose CIT returns for 2023 year of assessment  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;

It said the extension of the due date is a one-off gesture for only 2023 CIT returns due as aforesaid. The service noted that the relevant CIT returns should, therefore, not attract Late Filing Penalty or interest for late payment if submitted to the Service on or before 31st August 2023;

“…where relevant company’s income tax 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;

“This extension of the filing date is only for CIT and does not include returns for withholding tax, value-added tax, personal income tax (PAYE), etc”, FIRS explained to taxable companies in a statement obtained by MarketForces Africa.

FIRS 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. FIRS Extends Due Date for CIT Returns Submission

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