The Federal Inland Revenue Service (FIRS) has extended the deadline for filing 2023 Companies Income Tax returns to August 31, 2023, for companies that were unable to file their returns by the original deadline of June 30, 2023.
The extension, according to a public notice by FIRS Executive Chairman, Mr. Muhammad Nami, was granted in response to numerous requests from companies that were unable to meet the deadline.
The FIRS noted that companies that file their returns by the extended deadline will not be subject to late filing penalties or interest if payments are made by August 31, 2023. However, companies that fail to file by the extended deadline will be subject to penalties and interest for late payment, computed from the original due date.
The extension only applies to Companies Income Tax returns and does not include returns for withholding tax, value-added tax, personal income tax (PAYE), among others.
“The relevant CIT returns shall, therefore, not attract Late Filing Penalty or interest for late payment if submitted to the Service on or before 31st August 2023.
“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,” said FIRS.
The FIRS has invited all relevant taxpayers to take advantage of the extension to submit their CIT returns within the specified time, pay the taxes due, and avoid payment of penalty and interest.