FIRS Frees Coys From Penalties, Interests On Tax Liabilities
BY COBHAM NSA – Cheering news have come for Nigerian taxpayers and businesses with the Federal Inland Revenue Service (FIRS) granting defaulters full waiver on accumulated penalties and interests for outstanding tax liabilities.
FIRS Executive Chairman, Zacch Adedeji, who disclosed the decision in a personally signed notice made available to newsmen in Abuja on Sunday, said it was a proof of the government’s magnanimity based on current economic realities in the country.
The development is against the backdrop that the Service imposes penalties and interests for failure by companies to fulfil their tax obligations as and when due as stipulated in extant tax laws.
A statement by Dare Adekanmbi, Special Adviser on Media to the FIRS chairman, quoted him as saying that the forgiveness on piled up penalties and interests was “in recognition of the challenges that many taxpayers have faced in settling their outstanding tax liabilities”.
According to Adedeji, the concession also syncs with the commitment of President Bola Ahmed Tinubu to support businesses to flourish in the country.
The FIRS boss further 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.
The statement said; “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.”
Importantly, Adedeji stated that; “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.”
