Business
Filing 2023 Companies Income Tax Returns: FIRS Extends Due Date, Provides Relief
In a move to alleviate the concerns of companies struggling to meet the deadline for filing their Companies Income Tax returns, the Federal Inland Revenue Service (FIRS) has granted an extension until 31st August 2023.
This extension, as announced by Mr. Muhammad Nami, the Executive Chairman of FIRS, comes in response to numerous requests from companies unable to submit their returns by the original deadline of 30th June 2023.
The FIRS has demonstrated goodwill by adhering to the relevant provisions of the Companies Income Tax Act.
As a result, all companies with CIT returns for the 2023 year of assessment falling due between 30th June and 31st August 2023 (inclusive) now have until 31st August 2023 to submit their returns to the Service.
To provide further relief, the FIRS has confirmed that the affected CIT returns will not be subject to late filing penalties or interests if payments are made on or before 31st August 2023.
However, companies failing to file by the extended date will face penalties and interest calculated from the original due date.
It is important to note that this extension exclusively applies to Companies Income Tax returns and does not encompass returns for withholding tax, value added tax, personal income tax (PAYE), and other types of tax obligations.
The FIRS encourages all relevant taxpayers to seize this opportunity and submit their CIT returns within the specified time. By doing so, they can settle their tax liabilities and avoid incurring penalties and interest.
The deadline extension offers companies the chance to comply with their obligations in a timely manner, ensuring smooth tax processes.
As businesses adapt to the changing economic landscape, staying informed about tax regulations and meeting deadlines is crucial.
Companies should make use of the resources provided by the FIRS to understand their tax obligations fully. By maintaining compliance, businesses contribute to the nation’s development and ensure a fair and efficient tax system.
The FIRS has extended the due date for filing 2023 Companies Income Tax returns, providing much-needed relief to companies struggling to meet the original deadline.
This extension grants businesses until 31st August 2023 to submit their returns, without incurring late filing penalties or interests if payments are made on time. It is essential for companies to take advantage of this extension, meet their tax obligations promptly, and contribute to a robust and transparent tax system.
The Central Bank of Nigeria (CBN) has announced a significant review of the documentation requirements for transactions conducted through the Pan-African Payment & Settlement System (PAPSS) in Nigeria.
This initiative is part of CBN’s ongoing commitment to foster seamless intra-African trade, financial inclusion, and operational efficiency for Nigerians engaging in cross-border payments within Africa.
In a circular dated April 28, 2025, CBN introduced simplified documentation for low-value PAPSS transactions — allowing individuals and corporates to use basic KYC and AML documents for transactions up to USD 2,000 and USD 5,000 respectively. Higher-value transactions will still require full documentation as outlined in the CBN Foreign Exchange Manual.
The CBN also stated that Authorized Dealer Banks (ADBs) can now source foreign exchange for PAPSS settlements directly from the Nigerian Foreign Exchange Market, without relying on the CBN. Additionally, export proceeds repatriated via PAPSS must be certified by the processing banks.
The apex bank urged all banks, exporters, importers, and individuals to familiarize themselves with the new guidelines and leverage PAPSS for seamless cross-border transactions across Africa.
Launched by Afreximbank in partnership with the African Union and the African Continental Free Trade Area (AfCFTA) Secretariat in January 2022, PAPSS serves as a centralized payment and settlement platform that enables instant, secure, and efficient cross-border transactions throughout Africa.
By facilitating payments in local currencies, PAPSS minimizes reliance on third-party currencies, reduces transaction costs, and supports the rapid expansion of trade under the AfCFTA.
The Economic and Financial Crimes Commission (EFCC) has cautioned Nigerians against the excessive desire for money.
The agency issued the advice in a terse post on its X handle on Sunday.
“Love money too much, and Ponzi schemes will love you …..as their next target….be guided, the Eagle loves you all,” the post read.
This is coming amid ongoing investigation into the alleged fraud perpetrated by a digital investment platform, CryptoBank Exchange (CBEX).
CBEX had reportedly crashed on April 14, leading to the loss of billions of naira belonging to Nigerian investors.
Several videos online had shown some Nigerians raising the alarm over the loss of their funds to the scheme.
The EFCC had on Friday declared eight persons wanted over their alleged involvement in a fraudulent scheme linked to the online trading platform.
The move came on the heels of the Federal High Court in Abuja granting the EFCC’s request to arrest and detain persons found promoting the CBEX scheme.
Justice Emeka Nwite, issued the order following submissions by the counsel for the EFCC, Fadila Yusuf, seeking the court’s approval to detain the promoters pending the conclusion of investigations into the alleged offences and their possible prosecution.
The EFCC stated that during the investigation, it found that ST Technologies, while registered with the Corporate Affairs Commission, was not authorised by the Securities and Exchange Commission to conduct investment activities.
Furthermore, it said the defendants had vacated their last known addresses in Lagos and Ogun States.
The EFCC had argued that a warrant of arrest was necessary to place the defendants on a red watch list to facilitate their capture and ensure they face charges.
The commission said its investigation had also established a prima facie case of an investment scam and that granting the application was in the interest of justice.
During an interview on Channels Television’s breakfast programme, The Morning Brief, on April 16, the EFCC spokesperson, Dele Oyewale, advised Nigerians against investing in a business without considering the legal framework that regulates it.
Oyewale said, “We know that for every business concern, you declare your profit either quarterly, annually or bi-annually, but if somebody says, ‘Bring your money; I’m going to give you a return in 30 days,’ you know that is not realistic; it’s just not pragmatic.
“Or if somebody says, ‘If you bring your money, we’re going to give you a 100% return on investment,’ that is not possible”.
Nigerian carrier, Air Peace, has clarified why its Benin to Abuja flight P47171 was delayed in the air on Friday.
In a statement issued by the Head of Corporate Communications, Ejike Ndiulo, Air Peace Airline on Saturday stated that during the aircraft’s descent into Abuja, the flight encountered turbulence as a result of adverse weather conditions, including thunderstorms.
The statement further stressed that in line with global aviation safety standards, “our crew activated appropriate safety protocols and held in a holding pattern until weather conditions improved.”
Social media users complained on Saturday that the aircraft hung in the air longer than necessary before landing.
Elanza news understands that when an aircraft is held in a holding pattern, this means the plane was instructed to fly a specific course around a designated point while waiting for permission from the control tower to proceed with its planned route, approach, or landing.
This is often due to factors like traffic congestion at the given airport, weather delays, or other operational issues that could result in an incident or accident if the aircraft had landed against instructions.
In simpler terms, a holding pattern is a temporary waiting area for an aircraft in the air, allowing it to remain airborne while awaiting further instructions for landing.
The statement further stated, “We are pleased to confirm that the aircraft landed safely and the passengers disembarked normally. Air Peace is unwavering in its commitment to ensuring the highest standards of safety across all our operations.”