Relief For Companies As FIRS Extends Deadline For Submitting Income Tax Returns

The Federal Inland Revenue Service has extended the deadline for companies whose year of assessment for Company Income Tax (CIT) returns falls between June 30 and August 31, 2023.

The revenue agency said it has extended the collection up to 31st August 2023.

According to the FIRS, the consideration was based on the appeal made by different companies for an extension.

The FIRS said it “received numerous calls from companies for the extension of time to submit the Companies Income Tax (CIT) returns for 2023 year of assessment (YOA) falling due on 30th June 2023 as a result of their inability to meet up with the deadline.

“As a measure of goodwill and in line with relevant provisions of the Companies Income Tax Act, the Service directs as follows: all companies whose CIT returns for 2023 YOA fall due between 30th June and 31st August, 2023 (both days inclusive) are given up to 31st August, 2023 to submit the returns to the Service.

“The extension of the due date is a one-off gesture for only 2023 YOA CIT returns which are due as aforesaid”

According to the FIRS, the relevant CIT returns will not attract a late filing penalty or interest for late payment if submitted to the Service on or before 31st August 2023.

The tax agency however said that the extension of the filing date does not include returns for withholding tax, value-added tax, and personal income tax (PAYE).

It added, “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.”