The Federal Inland Revenue Service (FIRS) at the weekend stated that it had granted taxpayers full waiver on accumulated penalties and interests for outstanding tax liabilities, thereby giving succor to the affected enterprises amid recent policy-induced fiscal whirlwinds across the economy.
The Chairman of the revenue agency, Dr. Zacch Adedeji, made the disclosure in a Notice signed by him and made available to newsmen through his Special Adviser on Media, Dare Adekanmbi.
Under its tax compliance regulations, 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.
Adedeji explained that the concession on piled up penalties and interests by the agency was “in recognition of the challenges that many taxpayers have faced in settling their outstanding tax liabilities.”
According to him, the concession also aligned with the commitment of President Bola Tinubu to support businesses to flourish.
He stressed 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 FIRS’ boss expatiated: “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 added
