Tax & Business Matters - Nigeria

PwC Tax Academy - "Managing Corporate Income Taxes: Grey areas and computations of Companies Income Tax, Tertiary Education Tax, and Capital Gains Tax”

PwC's Tax Academy will be hosting a session titled "Managing Corporate Income Taxes: Grey areas and computations of Companies Income Tax, Tertiary Education Tax, and Capital Gains Tax” on Tuesday, 18 July 2023.

Tax is a crucial revenue source for Nigeria and plays a vital role in the government's ongoing efforts to address the country's budget deficit. With tax laws and regulations constantly evolving, there is a compelling need for companies to stay updated and compliant.

In this session, we will consider the recent developments in the corporate tax space and how they impact businesses. We will also discuss the compliance requirements, practical issues and how to navigate them.

FIRS extends 2023 YOA CIT returns filing deadline

The FIRS has issued a Public Notice extending the deadline for the filing of 2023 year of assessment (YOA) Companies Income Tax (CIT) returns, to August 2023. This extension affects companies that have their 2023 YOA CIT returns due between 30 June and 31 August 2023. 

The FIRS' Public Notice did not specify whether the extension also applies to Tertiary Education tax (TET) returns and other similar returns that are due together with the CIT returns. However, it is expected that the extension should also apply to 2023 YOA TET returns also falling due between 30 June and 31 August 2023. 

Please see FIRS Public Notice below:

Download FIRS Circular - extension of filing deadline for 2023 YOA CIT returns