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The Federal Inland Revenue Service (FIRS) has given companies additional time to file 2023 Companies Income Tax (CIT) Returns due on June 30 2023. Every company whose income tax returns for 2023 assessment year fall due from the June 30 to August 31 2023 have up till August 31 2023 to submit the returns. During the period, FIRS will also suspend late filing charges.
CIT returns is filed every year. Old companies will file tax returns by six months after the end of a financial year. That is, the due date to file CIT returns of a company with a financial year end of December 31 2022 is June 30 2023. On the other hand, new companies have a deadline which is the earlier of eighteen months from the date of commencing business or six months after the end of a financial year.
Where a company misses the new filing deadline, FIRS will calculate late returns costs from the initial due date. The waiver covers Companies Income Tax only and excludes other tax returns. Taxpayers should use the additional days to submit their CIT returns to prevent extra fees. To download the public notice from FIRS, click here.
