FIRS extends deadline for filing 2023 corporate income tax returns
Companies that were unable to file their corporate income tax returns for the 2023 tax year (YOA) which was due June 30, 2023 had until August 31, 2023 to submit their declarations to the Federal Inland Revenue (FIRS).
The FIRS, in a public notice signed by its Executive Chairman, Mr. Muhammad Nami, and released today (Monday), said it had received many calls from companies requesting an extension of the deadline for submitting their corporate income tax (CIT) returns as they were unable to meet the June 30, 2023 deadline.
He noted that as a measure of goodwill and in accordance with the relevant provisions of the Corporation Income Tax Act, "all corporations whose CIT returns for the tax year 2023 arrive due between June 30 and August 31, 2023 (both days inclusive) have until August 31, 2023 to submit returns to the Service.”
The FIRS noted that the tax returns of affected companies will not incur late-filing penalties or interest if payments were made by August 31, 2023, further noting that if companies do not file their return before the extended date, the penalty and interest for late payment will be calculated from the original due date.
"Relevant CIT declarations will therefore not give rise to late payment penalties or late payment interest if submitted to the Service no later than August 31, 2023.
"Where the relevant CIT returns are not filed by the extended date, late payment penalties and interest will be calculated from the original due date and not from the extended date."
The service also said that the extension of the filing date is for corporate income tax only and does not include withholding tax, value added tax, personal income (PAYE), among others.
“The Service invites all affected taxpayers to take advantage of the opportunity offered by this extension to submit their CIT returns within the specified time, pay the taxes due and avoid the payment of penalties and interest,” the notice reads
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Companies that were unable to file their corporate income tax returns for the 2023 tax year (YOA) which was due June 30, 2023 had until August 31, 2023 to submit their declarations to the Federal Inland Revenue (FIRS).
The FIRS, in a public notice signed by its Executive Chairman, Mr. Muhammad Nami, and released today (Monday), said it had received many calls from companies requesting an extension of the deadline for submitting their corporate income tax (CIT) returns as they were unable to meet the June 30, 2023 deadline.
He noted that as a measure of goodwill and in accordance with the relevant provisions of the Corporation Income Tax Act, "all corporations whose CIT returns for the tax year 2023 arrive due between June 30 and August 31, 2023 (both days inclusive) have until August 31, 2023 to submit returns to the Service.”
The FIRS noted that the tax returns of affected companies will not incur late-filing penalties or interest if payments were made by August 31, 2023, further noting that if companies do not file their return before the extended date, the penalty and interest for late payment will be calculated from the original due date.
"Relevant CIT declarations will therefore not give rise to late payment penalties or late payment interest if submitted to the Service no later than August 31, 2023.
"Where the relevant CIT returns are not filed by the extended date, late payment penalties and interest will be calculated from the original due date and not from the extended date."
The service also said that the extension of the filing date is for corporate income tax only and does not include withholding tax, value added tax, personal income (PAYE), among others.
“The Service invites all affected taxpayers to take advantage of the opportunity offered by this extension to submit their CIT returns within the specified time, pay the taxes due and avoid the payment of penalties and interest,” the notice reads
Support PREMIUM TIMES integrity and credibility journalism
Good journalism is very expensive. Yet only good journalism can guarantee the possibility of a good society, an accountable democracy and a transparent government.
For free and continued access to the best investigative journalism in the country, we ask that you consider your modest support of this noble endeavour.
By contributing to PREMIUM TIMES, you are helping to keep relevant journalism alive and ensuring that it remains free and accessible to everyone.
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