The Federal Inland Revenue Service (FIRS) has granted a complete waiver on accumulated penalties and interests for outstanding tax liabilities in Nigeria, contingent on full principal payment before December 31, 2023.
This was announced in a statement issued by Dare Adekanmbi, the special adviser to Zacch Adedeji, chairman of FIRS, on Sunday.
Adedeji explained that the agency imposes penalties and interests on companies that fail to fulfil their tax obligation as stipulated in extant tax laws.
The statement read in part, “In recognition of the challenges that many taxpayers have faced in settling their outstanding tax liabilities, and in line with the commitment of the current government to support businesses, the Federal Inland Revenue Service has approved the following tax concessions for taxpayers with outstanding tax liabilities, in accordance with Federal Inland Revenue Service (Establishment) Act, LFN 2004 as amended:
“Full waiver of penalties on outstanding tax liabilities and Full waiver on interests on outstanding tax liabilities.
“Taxpayers are advised that the waiver of interest is subject to the full settlement of outstanding principal on or before 31 December 2023.
“Please note that the full penalty and interest shall be reinstated after the expiration of this one-off concession window where the outstanding undisputed liability remains fully or partially unpaid.
“FIRS appreciates all taxpayers who have been diligent in complying with their tax obligations as and when due, while seeking their continued support and cooperation for a more responsive and robust tax system.”
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
