Name: Finora
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Meeting Company Income Tax (CIT) filing deadlines is crucial for avoiding penalties and maintaining good standing with the Nigeria Revenue Service (NRS), formerly known as FIRS. This guide explains the filing calendar, extension options, and how to stay compliant.

Standard Filing Deadlines

The 6-Month Rule

CIT returns must be filed within 6 months after the end of your accounting year.

Accounting Year-End	Filing Deadline
December 31	June 30
March 31	September 30
June 30	December 31
September 30	March 31

Example: December Year-End Company

Event	Date
Accounting year-end	December 31, 2024
Filing deadline	June 30, 2025
Accounts cover	Jan 1 - Dec 31, 2024
Return type	2024 CIT Return

Example: June Year-End Company

Event	Date
Accounting year-end	June 30, 2024
Filing deadline	December 31, 2024
Accounts cover	Jul 1, 2023 - Jun 30, 2024

Filing vs Payment Deadlines

Self-Assessment Returns

Modern CIT is based on self-assessment:

You calculate your own tax
File return with computation
Pay tax due with the return

Filing and payment have the same deadline: 6 months after year-end.

Provisional Tax (Installments)

Large companies may pay in installments:

Payment	Timing	Amount
1st Installment	3 months after year-end	25%
2nd Installment	6 months after year-end	25%
3rd Installment	9 months after year-end	25%
Final Payment	12 months after year-end	Balance

Even with installments, the return must be filed by 6 months.

What Must Be Filed

Required Documents

Your CIT return package includes:

Company Income Tax Return Form

Self-assessment computation
Tax payable calculation
WHT credits claimed

Audited Financial Statements

Statement of Financial Position
Statement of Comprehensive Income
Statement of Changes in Equity
Statement of Cash Flows
Notes to accounts

Tax Computation Schedule

Adjustments to accounting profit
Capital allowances claimed
Taxable profit calculation

Supporting Schedules

Fixed asset register
Capital allowance schedule
WHT credit schedule
Related party transactions

Filing Method

Returns are filed electronically through:

NRS TaxPro Max portal
Upload required documents
Submit online
Pay via integrated payment

Extensions: Can You Get More Time?

Extension Availability

Extensions for CIT filing are rarely granted. NRS expects:

Proper planning throughout the year
Timely preparation of accounts
Filing by the deadline

Grounds for Extension

If seeking extension, valid reasons might include:

Major disaster affecting business records
Court proceedings affecting accounts
Extreme circumstances beyond control

Not valid reasons:

Busy season
Accountant unavailable
Incomplete records (your responsibility)

Extension Process

If you believe extension is warranted:

Apply in writing before the deadline
State specific reasons
Provide supporting evidence
Propose new timeline
Await NRS decision

Reality Check

Most extension requests are denied. Plan to meet the original deadline.

First-Time Companies

New Company Filing Timeline

For newly incorporated companies:

Milestone	Timing
Incorporation	Day 0
TIN registration	Within 3 months
First accounting period	Up to 18 months allowed
First CIT return	6 months after first year-end

Example: New Company

Event	Date
Incorporated	June 15, 2024
First year-end (chosen)	December 31, 2025
First period covers	Jun 15, 2024 - Dec 31, 2025
First filing deadline	June 30, 2026

The first accounting period can be up to 18 months, giving some flexibility.

Change of Accounting Date

Permitted Changes

Companies can change their accounting year-end:

Notify NRS in advance
First use of new date may create short/long period
Tax computed accordingly

Example: Changing Year-End

Old Year-End	New Year-End	Transition
December 31	March 31	15-month period or 3-month period

The transition period requires careful tax planning.

Consequences of Late Filing

Penalties for Late Returns

Duration Late	Penalty
First month	₦25,000
Each additional month	₦5,000
Maximum	Varies

Plus interest on any tax due.

Interest on Late Payment

Interest charged at:

CBN Monetary Policy Rate + spread
Currently approximately 18-20% per annum
Calculated daily from due date

Example: Late Filing Cost

Company files 3 months late with ₦10,000,000 CIT due:

Penalty Type	Calculation	Amount
Late filing (1st month)	Fixed	₦25,000
Late filing (2nd month)	Fixed	₦5,000
Late filing (3rd month)	Fixed	₦5,000
Interest (3 months @ 20% p.a.)	₦10M × 20% × 3/12	₦500,000
Total penalty	₦535,000

Additional Consequences

Beyond financial penalties:

Audit scrutiny increases
Tax clearance certificate complications
Negative compliance record

Best Practices for Meeting Deadlines

Throughout the Year

Monthly close procedures

Reconcile accounts monthly
Don't wait until year-end
Address issues early

Quarterly reviews

Estimate tax position
Identify potential issues
Engage advisors early

Organize documents

Keep supporting documents filed
Maintain fixed asset records
Track WHT certificates

Year-End Process

Month After Year-End	Activity
Month 1	Final entries, trial balance
Month 2	Audit begins
Month 3	Audit completion, draft accounts
Month 4	Tax computation preparation
Month 5	Review and finalization
Month 6	Filing and payment

Filing Month Checklist

Two weeks before deadline:

[ ] Audited accounts finalized
[ ] Tax computation complete
[ ] WHT credits summarized
[ ] Payment amount confirmed

One week before deadline:

[ ] All documents prepared
[ ] TaxPro Max access tested
[ ] Payment funds available
[ ] Backup plan if issues arise

Filing day:

[ ] Upload all documents
[ ] Submit return
[ ] Make payment
[ ] Save confirmation

Provisional Tax (Large Companies)

Who Pays Provisionally?

Companies with large tax liabilities may pay quarterly:

Spreads cash flow impact
Still must file return by deadline
Based on prior year or estimated current year

Provisional Payment Schedule

Payment	Due Date	Basis
1st	3 months after year-end	Prior year basis
2nd	6 months after year-end	Prior year basis
3rd	9 months after year-end	Current year estimate
Final	12 months after year-end	Actual balance

True-Up at Year End

Compare provisional payments to actual liability:

If overpaid: Credit or refund
If underpaid: Pay balance

Special Situations

Group Companies

Each company files separately:

Holding company: Own return
Subsidiaries: Individual returns
No consolidated filing in Nigeria

Foreign Companies

Companies with Nigerian operations:

File return for Nigerian branch/subsidiary
May have different timing rules
Treaty considerations may apply

Companies in Liquidation

Special rules apply:

Returns required until liquidation complete
Liquidator responsible for filing
Specific deadlines for final return

How Finora Helps Meet Deadlines

Deadline Tracking

Finora monitors your filing calendar:

Countdown to deadline
Automated reminders
Progress tracking

Year-End Checklist

Guided year-end process:

Monthly close reminders
Checklist of required actions
Document compilation support

Return Preparation

Generate filing-ready documents:

Tax computation schedule
Capital allowance summary
WHT credit compilation
NRS-compliant format

Reminder System

Timing	Notification
3 months before	Start year-end process
2 months before	Engage auditors
1 month before	Finalize computation
2 weeks before	Complete documentation
1 week before	File return
Deadline day	Final reminder

Frequently Asked Questions

What if my auditor is late?

This is not a valid extension reason. Engage auditors early and manage the process.

Can I file without audited accounts?

For most companies, audited accounts are required. Very small companies may have exemptions—check current rules.

What if I can't pay the full amount?

File on time even if you can't pay. Late filing penalties compound the problem. Then contact NRS about payment arrangements.

Is there a grace period after the deadline?

No. The deadline is strict. Filing on July 1 when due June 30 is late.

What if the deadline falls on a weekend?

Generally, if the deadline falls on a weekend or public holiday, it moves to the next business day. Confirm with NRS.

Conclusion

Meeting CIT filing deadlines is non-negotiable:

6 months after year-end is the standard deadline
Extensions are rarely granted
Late filing attracts significant penalties
Plan ahead throughout the year

Proper planning, regular bookkeeping, and early engagement with auditors ensure you meet deadlines without stress.

Finora tracks your deadline, guides your year-end process, and prepares filing-ready documents—helping you stay compliant every year.

Never miss a CIT deadline

Get started for free and let Finora track your filing calendar, prepare your return, and keep you compliant.

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