FIRS extends penalty waiver on tax debt repayment

The Federal Inland Revenue Service (FIRS) has extended the closing date of its waiver of penalty and interest window on tax debts owed by individuals and businesses.

The service extended the deadline by two months from June 30 to August 31.

According to a statement issued on Wednesday by the service’s spokesperson, Abdullahi Ahmad, the extension was disclosed by the Executive Chairman of the service, Muhammad Nami.

Mr Nami said that the extension is a follow up to a number of palliative measures devised by the FIRS to cushion the effects of the COVID-19 pandemic on the Nigerian economy in order to support tax-paying individuals and business entities in the country.

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According to him, the latest extension applies to “Tax Audit, Tax Investigation, and Desk review assessments, Approved instalment payment plans under Voluntary Assets and Income Declaration Scheme (VAIDS) yet to be fully liquidated.

“Taxpayers are advised to note that there will be no further extension of this palliative measure. Tax debtors are therefore enjoined to liquidate their outstanding tax liabilities on or before 31st August, 2020 in order to enjoy waiver of accumulated penalties and interests,” Mr Nami was quoted as saying.

He also advised all concerned individuals and businesses to contact their respective tax controller or the nearest FIRS Regional Debt Management Office in case of further enquiries.