FIRS extends deadline for submission of CIT returns to August 31

By Onome Amuge.

The Federal Inland Revenue Service (FIRS) has extended the deadline for the submission of company income tax (CIT) returns for 2023 year of assessment (YOA) till August 31, 2023,for companies that could not meet up the June 30 deadline initially fixed by the tax authority.

The extension is contained in a statement issued by the FIRS and signed by Muhammad Nami, the executive chairman.

According to the FIRS, the extension became necessary following numerous calls from companies for the extension of time to submit the companies income tax returns.

The statement stated that as a measure of goodwill by the FIRS and in line with relevant provisions of the companies income tax Act, it had directed that all companies whose company income tax returns for the 2022 year of assessment, that fall due between June 30 and August 31, 2023 (both days inclusive), were given up to August 31, 2023, to submit their returns to the service.

It stated further that the extension was a one-off gesture for only the 2023 assessment on company income tax returns and that companies that filed within the period of extension would not be subject to a late filing penalty or interest for late payment.

“The relevant company income tax returns shall, therefore, not attract late filing penalty or interest for late payment if submitted to the Service on or before August 31, 2022;

“Where relevant company 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,” it stated.

Nami, however, explained that the extension of filing date is only for CIT and does not include returns for withholding tax, value added tax, personal income tax (PAYE), and others.

The FIRS therefore  encouraged relevant taxpayers to take the opportunity afforded by the extension to submit their CIT returns within the specified time, pay the taxes due and avoid payment of penalty and interest.