The Federal Inland Revenue Service (FIRS) has decided to extend the submission deadline for company income tax returns for the 2023 year of assessment (YOA).
The new deadline is now set for August 31, 2023, giving businesses more time to fulfill their tax obligations.
Previously, companies were expected to file their returns by June 30.
However, due to the numerous requests for an extension, Muhammad Nami, the executive chairman of FIRS, announced the new deadline in a notice released on Monday.
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To ensure clarity, Nami outlined the following guidelines:
a. All companies with CIT returns for the 2023 YOA falling due between June 30 and August 31, 2023 (inclusive) are granted until August 31, 2023, to submit their returns to the Service.
b. This extension is a one-time offer exclusively for the 2023 YOA CIT returns due during the specified period.
c. If the relevant CIT returns are submitted to the Service on or before August 31, 2023, no Late Filing Penalty or interest for late payment will be imposed.
d. In the event that the required CIT returns are not filed by the extended date, penalty and interest for late payment will be calculated from the original due date, rather than the extended deadline.
It is important to note that the filing deadline extension solely applies to CIT returns and does not encompass returns for withholding tax, value added tax, personal income tax (PAYE), or any other taxes.
Muhammad Nami encouraged taxpayers to seize this opportunity and ensure they submit their CIT returns within the specified timeframe.
By meeting their tax obligations promptly, businesses can avoid incurring penalties and interest.
