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Relief For Taxpayers And Businesses As FIRS Waives Penalties, Interests On Outstanding Tax Liabilities
Relief For Taxpayers And Businesses As FIRS Waives Penalties, Interests On Outstanding Tax Liabilities
Relief For Taxpayers And Businesses As FIRS Waives Penalties, Interests On Outstanding Tax Liabilities
Taxpayers and businesses have received a welcome relief as the Federal Inland Revenue Service (FIRS) granted a full waiver on accumulated penalties and interests for outstanding tax liabilities.
Zacch Adedeji, the Chairman of the revenue service, announced the decision in a notice, stating that the forgiveness was in recognition of the challenges faced by many taxpayers in settling their outstanding tax obligations.
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This concession aligns with President Bola Tinubu’s commitment to supporting businesses for their growth.
Adedeji emphasized that companies must fully pay outstanding original tax liabilities without interest by December 31 to benefit from this unique concession.
“Taxpayers are advised that the waiver of interest is subject to the full settlement of outstanding principal on or before 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,” Mr Adedeji said.
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