The Federal Inland Revenue Service (FIRS) has announced a complete waiver on accumulated penalties and interests for overdue tax liabilities.
Its chairman, Zach Adedeji, in a statement by Special Adviser on Media, Dare Adekanmbi, said it was in recognition of the challenging times.
The FIRS typically imposes penalties and interests on companies that fail to meet their tax obligations.
Adedeji emphasised that the waiver on accrued penalties and interests acknowledges the difficulties faced by many taxpayers in settling their outstanding tax dues.
Read Also: Commonwealth, Fed Govt open talks on deep sea mining
He linked this concession to President Bola Tinubu’s commitment to nurturing thriving businesses.
He said companies intending to benefit from this relief must fully settle their outstanding original tax liabilities without incurring any interest by December 31.
“It’s important for taxpayers to understand that the waiver of interest is contingent upon the complete payment of outstanding principal amounts on or before December 31, 2023,” Adedeji emphasised.
He also cautioned that if the outstanding and uncontested liabilities remain fully or partially unpaid after this unique concession window closes, the full penalty and interest will be reinstated.
Expressing gratitude to diligent taxpayers who have consistently met their tax obligations punctually, Adedeji called for ongoing support and cooperation in fortifying a more adaptable and resilient tax system.
