The Federal Inland Revenue Service (“FIRS” or “the Service”) has taken yet another step towards enhancing tax revenues. The Service has commenced the process of waiving interest and penalties on tax liabilities incurred by companies from 2013 to 2015 in a move that it believes will motivate tax payers to settle their outstanding tax liabilities.
According to a public notice issued by FIRS, this move has come “As part of the efforts of the Federal Inland Revenue Service (FIRS) to promote voluntary compliance and shield tax payers from the burden of carrying forward old tax liabilities arising from penalty and interest . . .”
Read also:https://businessday.ng/opinion/article/reforming-nigerias-tax-incentive-program/
Innocent Unah
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