• Wednesday, April 24, 2024
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FCT-IRS goes tough, issues deadline for filing of annual returns

FCT-IRS goes tough,  issues deadline for filing of annual returns

The Federal Capital Territory Internal Revenue Service (FCT-IRS) has directed Ministries, Departments, and Agencies (MDAs) and other employers of labour in the Federal Capital Territory, FCT, to file their tax returns before March. 31st.

The revenue generating agency, in a statement issued by Mustapha Sumaila, Head, Corporate Communications, FCT-IRS, said this obligation is by the Personal Income Tax Cap P8 2011 as amended.

According to the statement, “We want to remind all individuals residing in the FCT to file their tax returns before the 31st of March 2024.

“It is also stipulated in Section 41 of the aforementioned act, that all taxable entities must timely submit a return reflecting their total income from all sources for the preceding fiscal year to the relevant tax authority within 90 days of the commencement of each assessment year.

It is crucial to note that the deadline for filing tax returns will not be extended beyond the stipulated date and whoever fails to comply will face the consequences by the relevant laws for non-compliance.

We urge all taxpayers to comply before the deadline and fulfill their tax obligations as prescribed by law. The FCT-IRS remains committed to ensuring tax compliance and maintaining a fair and efficient tax system.