Nigeria’s Federal Inland Revenue Service, FIRS, announced that it has extended the due date for submission of Companies’ Income Tax for the 2023 year of Assessment.
The FIRS disclosed this in a statement on Monday afternoon stating numerous calls from taxpayers over inability to meet the deadline.
All companies whose CIT returns for the 2023 year of assessment fall due between 30th June and 31st August 2023 are given up to 31st August 2023 to submit the returns of Service.
Calls for extension
The Tax agency stated that it had received calls from companies over issues related to meeting the deadline, they said:
- .” The Federal Inland Revenue Service has received numerous calls from companies for the extension of time to submit the Company’s Income Tax returns for the 2023 year of assessment falling due 40th June 2023 as a result of their inability to meet up with the deadline.
Part extension
They added that as a measure of goodwill and in line with relevant provisions of the Companies Income Tax Act, the Service has implemented a one-off for only 2023 YOA CIT returns, adding:
- “All companies whose CIT returns for the 2023 year of assessment fall due between 30th June and 31st August 2023 are given up to 31st August 2023 to submit the returns of Service.
- “The extension of the due date is a one-off for only 2023 YOA CIT returns which are due as aforesaid.
- “The relevant CIT returns shall, therefore, not attract Late Filling 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.
FIRS noted that the extension of the filing date is only for CIT and does not include returns for withholding tax, value-added tax, or personal income tax.
In case you missed it
Federal Inland Revenue Service, FIRS recently announced the VAT Direct Initiative, a scheme that would enable FG to collect Value Added Taxes from the informal sector and reduce multiple taxations in the informal economy.
The FIRS is partnering with the Market Traders Association of Nigeria to collect & remit VAT from their members especially those in the informal sector using a unified systems technology.
The FIRS noted that it is partnering with MATAN to collect and remit Valued Added Taxes from their members- especially those in the informal, adding:
- “This collaboration is known as VAT Direct Initiative,
- “A collaboration between FIRS and MATAN where MATAN promotes awareness on VAT collection and remittance in the marketplace and informal sector, while also simplifying VAT payment and remittance for the marketplace and informal sector using a purpose-built digital platform.”
