The Federal Inland Revenue Service (Service) has via a Public Notice, dated November 4, notified taxpayers that it will waive all interests and penalties in respect of outstanding tax debts, provided that affected taxpayers pay their outstanding tax debts in full, on or before 31st December, 2020
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In the Notice which was signed by its Executive Chairman, Muhammad Nami, sighted by TheNigeriaLawyer (TNL), the Service said the new palliatives are due to the negative impact of the EndSars protest
“The Federal Inland Revenue Service (FIRS) hereby identifies with businesses that suffered one form of loss or the other occasioned by the recent EndSARS PROTESTS that erupted in certain parts of the nation.
“The attendant disruption of businesses and indeed the destruction of property is coming when the economy is just struggling to recover from the harmful effects of Covid-19.
“In view of the above, and as part of its ongoing initiatives of assistance to businesses at this difficult time, FIRS hereby provides an additional window of penalty and interest waiver for businesses that pay up in full, the principal portion of their outstanding liabilities between now and 31st December, 2020”
The Notice further encourages taxpayers to take advantage of this extension, especially those with outstanding liabilities arising from self-assessment filing;
and Government Assessment arising from desk audit, field audit or investigation.
Furthermore, the Service said the palliatives is “in addition to the following palliative measures earlier introduced which are still in place:
a) extension of monthly WHT and VAT Returns filing to end of month,
b) For taxpayers who earn their revenue in Naira and are facing challenges in sourcing for FOREX to offset their liabilities, the option of paying in Naira at the prevailing Investor & Exporters (I & E) FOREX window rate on the day of payment.”
Enquiries on the new palliatives are to be channeled to the office of the Special Assistant to the Executive Chairman on Technical Matters, room 423, Revenue House, 15 Sokode Crescent, Wuse Zone 5, Abuja.
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