Firms unable to file their Companies Income Tax returns for the 2023 year of assessment (YOA) that fell due on June 30 have been given up to August 2023 to submit their returns to the Federal Inland Revenue Service (FIRS).
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The FIRS, in a statement by Johannes Oluwatobi Wojuola, Special Assistant (Media and Communication) to the Executive Chairman, FIRS explained it “received numerous calls from companies requesting for the extension of time to submit their Companies Income Tax (CIT) returns as they were unable to meet up with the deadline due on 30th June 2023”.
The FIRS noted it agreed to extend the deadline for submission of CIT returns to companies “as a measure of goodwill and in line with relevant provisions of the Companies Income Tax Act. All companies whose CIT returns for the 2023 year of assessment that 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.”
Wojuola also assured companies thatn. “the relevant Companies Income Tax returns will not attract late filing penalties or interests if payments were made on or before 31st August 2023.
He however warned that “where companies fail to file by the extended date, the penalty and interest for late payment will be computed from the original due date”.
According to Wojuola “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.”
The Service added that the grace period extended to companies to file their CIT returns does not cover “returns for withholding tax, value added tax, personal income tax (PAYE), among others.
Wojuola appealed to companies “to take the opportunity afforded by this extension to submit their CIT returns within the specified time, pay the taxes due and avoid payment of penalty and interest”.
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