The Federal Inland Revenue Service (FIRS) has announced an extension to the due date for filing the 2023 Company’s Income Tax returns.
Companies that were unable to meet the original deadline on June 30, 2023, now have until August 31, 2023, to submit their returns to the FIRS.
In a Public Notice released on Tuesday and signed by the Executive Chairman, Mr. Muhammad Nami, the FIRS acknowledged the numerous requests received from companies seeking additional time to file their Companies Income Tax (CIT) returns.
The extension is being granted as a gesture of goodwill and is in accordance with the relevant provisions of the Companies Income Tax Act.
According to the notice, all companies with CIT returns for the 2023 year of assessment due between June 30 and August 31, 2023, will be allowed to submit their returns by August 31, 2023, without incurring late filing penalties or interest, provided that payments are made on or before the same date.
However, if companies fail to file by the extended deadline, the penalty and interest for late payment will be calculated from the original due date.
It is important to note that this filing extension only applies to Company’s Income Tax returns and does not include returns for withholding tax, value-added tax, personal income tax (PAYE), or other taxes.
The FIRS urges all relevant taxpayers to take advantage of this extension and submit their CIT returns within the specified timeframe, ensuring timely payment of taxes to avoid penalties and interest.
