FIRS Extends Deadline For Submission Of CIT Returns

More Time for Businesses to Give Income Tax Reports for 2023

Key Points:

• The Federal Inland Revenue Service (FIRS) has given businesses more time to turn in their income tax reports for the year 2023. The last day is now August 31, 2023.
• This change happened because many businesses asked for more time. But, it only applies to income tax reports and not other types of tax reports.
• If companies turn in their reports during this extra time, they won’t be fined or have to pay extra for being late.

The Federal Inland Revenue Service (FIRS) has given businesses more time to turn in their income tax reports for the year 2023. Instead of having to turn them in by June 30, they can now turn them in by August 31, 2023.

This change happened because many businesses said they needed more time. The head of FIRS, Muhammad Nami, told everyone about this on a Monday.

Extra Time: A One-Time Help

The FIRS knows businesses had a hard time turning in their tax reports by the first deadline. So, they decided to give everyone more time. This is what they decided:

1. Businesses that were supposed to turn in their Company Income Tax (CIT) reports between June 30 and August 31, 2023, now have until the end of August to do so.
2. This extra time is only for the 2023 CIT reports that were due during that time.
3. Businesses that turn in their reports by August 31, 2023, won’t be fined or have to pay extra for being late.

But businesses should remember that if they don’t turn in their CIT reports by the new due date, they will still be fined. And, they will have to pay extra based on the first due date, not the new one.

Extra Time Only for CIT

The head of FIRS made it clear that this extra time is only for turning in Company Income Tax reports. The new due date doesn’t apply to other types of tax reports.

Advice to Taxpayers

Nami also gave advice to all taxpayers. He told them to use this extra time to turn in their CIT reports and pay their taxes. This way, they can avoid fines and having to pay extra.

He said, “This extra time is only for CIT reports and not for other types of tax reports. We want taxpayers to use this chance to turn in their CIT reports on time, pay their taxes, and avoid fines and extra charges.”

This extra time shows that the FIRS understands that businesses sometimes struggle, especially because of the effects of the pandemic. By using this extra time, businesses can avoid fines, keep their money in order, and help collect money for the country. This helps everyone.

This is a way for the government to support businesses while making sure everyone pays their taxes. It also reminds businesses to take their tax duties seriously and plan ahead so they don’t run into problems at the last minute. With good tax planning and on-time payments, businesses can avoid penalties, make themselves look good, and help keep the country stable.

The extra time is a win for both the government and businesses. The businesses get more time to handle their taxes, and the government makes sure it doesn’t miss out on important money. It’s also a lesson for businesses to plan better in the future so they’re not rushing as deadlines approach. By taking this chance, businesses can show they’re good citizens and help grow the country’s economy.