CIT Returns: FIRS extends filing date till August 31st

In a bid to encourage compliance, the Federal Inland Revenue Service (FIRS) has extended the due date for filing Company Income Tax returns.  Special Assistant (Media & Communication) to the Executive Chairman of FIRS, Johannes Oluwatobi Wojuola, in a statement to journalists Monday, said the filing for CIT will not attract penalties or interest. The Service said: “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).” According to the Service, it received numerous calls from companies requesting 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.  A public notice signed by FIRS boss, Muhammed NAMI, notes that 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.” 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 the filing date is only for Companies’ Income Tax and does not include returns for withholding tax, value-added tax, and 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.

Tax Audit: FCT-IRS, CITN train 200 officers

The Federal Capital Territory Internal Revenue Service (FCT-IRS) in collaboration with the Chartered Institute of Taxation of Nigeria (CITN) is training another batch of 200 personnel. This is contained in a statement issued by Mr. Mustapha Sumaila, the FCT-IRS Head of Corporate Communications, in Abuja. Sumaila said the training, which was focused on Tax Audit and Investigation, was conducted in line with the mandate of the service. According to him, FCT-IRS is established to ensure a steady increase in revenue generation in the FCT. The Acting Chairman of FCT-IRS, Mr. Haruna Abdullahi, according to Sumaila, said capacity building remained a priority. Abdullahi said he would do everything possible to uphold it as it is one of the core objectives of the service. He said the training could not have come at a better time, adding that efforts are geared at harmonizing all revenue sources. He further said all would be done to centralise collection to the FCT-IRS, stressing that there is a need to have a skilled and equipped workforce to drive the process. The acting chairman said the training would bring the total of trained personnel to 400, adding that 200 personnel were trained in 2022. Abdullahi said tax officials required technical and verbal skills to effectively audit and interact with taxpayers, especially high-network individuals, and politically exposed persons. “The responsibility of the service is critical to the success of the FCT administration. “As such, skillful tax men are needed to rapidly grow the tax net especially now that expectations are high on revenue generating agencies,” he said. The Director, Human Capital Management and Development, FCT-IRS, Mr Umar Jada, said the service would continue to partner with professional bodies like CITN. He said FCT-IRS always prioritised training and retraining of staff to improve service delivery, and achieve set goals and objectives of the service.