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Written by on January 8, 2024

Businesses in Nigeria’s capital, Abuja, have received a stern warning from the Federal Capital Territory Minister, Nyesom Wike, via the FCT Internal Revenue Service (FCT-IRS). The message: file your 2023 annual returns by January 31st, 2024, or face potential overtaxation.

FCT-IRS Head of Corporate Communications, Mustapha Sumaila, issued the statement, clearly reiterating the January 31st deadline for complying with Section 41 of the Personal Income Tax Act (PITA) 2011 (as amended). Failure to file could result in hefty penalties and other tax complications for employers.

This announcement serves as a timely reminder for all businesses operating in Abuja to prioritize their annual tax filing obligations. With just over a month remaining until the deadline, it’s crucial for companies to ensure all necessary paperwork is in order and submitted promptly to avoid penalties or disruptions to their operations.

While the specific details of the “overtaxation” consequences haven’t been explicitly shared, the Minister’s stern warning suggests significant financial drawbacks for non-compliant businesses. Therefore, it’s highly advisable for companies to take immediate action and fulfill their annual tax filing requirements before the January 31st deadline.

Remember, timely and accurate tax filing not only avoids potential penalties but also ensures compliance with legal regulations and contributes to the smooth functioning of the nation’s financial system. For businesses in Abuja, this warning from the FCT-IRS should be a clear call to action: file your 2023 annual returns by January 31st, 2024, and avoid any unpleasant surprises.

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