Nigeria central tax authority, Federal Inland Revenue Service (FIRS) has granted a generous complete waiver of accumulated penalties and interests on outstanding tax liabilities but the waiver will expire by the end of the year.
This announcement was made by Dare Adekanmbi, the Special Adviser to FIRS Chairman Zacch Adedeji, on Sunday.
FIRS typically imposes penalties and interests when companies fail to fulfill their tax obligations promptly as outlined in existing tax laws, but Adedeji explained the decision to forgive the accrued penalties and interests stems from an understanding of the current economic challenges faced by many businesses in settling old tax liabilities.
He said the concession was also a demonstration of President Bola Tinubu‘s commitment to supporting business growth.
However, companies hoping to benefit from this historic concession must make full payment of their outstanding principal tax liabilities without interest on or before the 31st of December this year.
“Taxpayers are advised that the waiver of interest is subject to the full settlement of outstanding principal on or before 31 December, 2023”, Mr Adedeji said, but warning, “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”, the statement added.
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