Relief has come the way of taxpayers and businesses as the Federal Inland Revenue Service (FIRS) has granted them full waiver on accumulated penalties and interests for outstanding tax liabilities. However, this waiver is only for taxpayers who settles all their outstanding taxes on or before December 31 this year.
Chairman of the revenue service, Zacch Adedeji, made the decision known in a notice personally signed by him and made available to newsmen through his Special Adviser on Media, Dare Adekanmbi.
The agency imposes penalties and interests for failure by companies to fulfill their tax obligation as and when due as stipulated in extant tax laws.
Adedeji said the forgiveness on piled up penalties and interests was “in recognition of the challenges that many taxpayers have faced in settling their outstanding tax liabilities.”
According to him, the concession is also in sync with the commitment of President Bola Tinubu to support businesses to flourish.
He explained 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.
“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 said.