• Thursday, February 29, 2024
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FIRS grants full relief to tax payers by waving penalties and interests

Tax Appeal Tribunal begins digital operations to boost reforms

The Federal Inland Revenue Service (FIRS) has granted full waiver on accumulated penalties and interests for outstanding tax liabilities in Nigeria.

The Agency disclosed this in a statement issued by Dare Adekanmbi, the special adviser to Zacch Adedeji, chairman of FIRS, on Sunday.

According to the chairman, the agency imposes penalties and interests for failure by companies to fulfil their tax obligation as and when due as stipulated in extant tax laws.

Adedeji said, “The forgiveness on piled up penalties and interests was in recognition of the challenges many taxpayers have faced in settling their outstanding tax liabilities.”

According to him, the concession also syncs with the commitment of President Bola Tinubu to support businesses to flourish.

Read also Factors that strengthen tax reforms

He explained that full payment of outstanding original tax liabilities without interest on or before the 31st of December this year must be done by companies wishing to benefit from the peculiar concession.

“Taxpayers are advised that the waiver of interest is subject to the full settlement of outstanding principal on or before the 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,” Adedeji said.