Companies that were unable to file their Companies Income Tax returns for the 2023 year of assessment (YOA) that fell due on the 30th of June 2023 have been given up to 31st August, 2023 to submit their returns to the Federal Inland Revenue Service (FIRS).
The FIRS in a Public Notice signed by its Executive Chairman, Mr. Muhammad Nami, and issued on Monday, July 10th, 2023 stated that it had 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.
It noted that as a measure of goodwill and in line with relevant provisions of the Companies Income Tax Act, “all companies whose CIT returns for 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.”
The FIRS noted that the relevant Companies Income Tax returns will not attract late filing penalties or interests if payments were made on or before 31st August 2023, noting further 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.
“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 also stated that the extension of filing date is only for Companies Income Tax and does not include returns for withholding tax, value added tax, personal income tax (PAYE), among others.
“The Service invites all relevant taxpayers 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,” the notice read
No comments:
Post a Comment