FIRS urges taxpayers to settle obligations as waivers end December 31

Isola Moses | ConsumerConnect

Nigeria’s Federal Inland Revenue Service (FIRS) has said that the waivers of penalties and interest on outstanding taxes from desk examinations, audit exercises, investigations or all other forms of tax assessment will be concluded on December 31, 2020.

The country’s tax regulatory agency has appealed to taxpayers to capitalise on the opportunity provided by the remaining days in order to settle their tax obligations and enjoy all subsisting waivers being offered currently.

Muhammad Nami, Executive Chairman of FIRS, who issued a reminder notice titled, “Public Notice on the Recovery of Outstanding Taxes from Taxpayers”, stated that FIRS had issued a series of palliatives for the waivers of penalties and interest on outstanding taxes in the country.

Nami said the tax regulator had observed that some taxpayers are yet to capitalise on the windows opened to cushion the effect of the challenges of the economy on taxpayers.

The Executive Chairman announced that “the Service wishes to put all taxpayers on notice that the last window of opportunity for the waiver of outstanding penalties and interest on all taxes collectible by the Federal Inland Revenue Service shall close on 31st December 2020.”

After the expiration date, FIRS stated that it will recover all outstanding debts with penalties and interest, in accordance with the provisions of the extant tax laws, such as “the power of substitution” conferred on it by Section 31 of the FIRS (Establishment) Act 2007.