FIRS Waives Penalties on Outstanding Tax Liabilities

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By Modupe Gbadeyanka

Taxpayers, including organisations and individuals, who are yet to pay their outstanding taxes, will not pay penalties and interests if they make the payments on or before December 31, 2023.

This tax default forgiveness was given by the Federal Inland Revenue Service (FIRS), which explained that it created this window in “recognition of the challenges that many taxpayers have faced in settling their outstanding tax liabilities.”

However, it stressed that if the full principal payment is not done before the deadline, defaulters would be forced to pay the outstanding tax liabilities.

The Chairman of the FIRS, Mr Zacch Adedeji, in a statement issued by his Special Adviser, Dare Adekanmbi, on Sunday, urged defaulters to take advantage of this gesture of the government to regularise their taxes.

“In recognition of the challenges that many taxpayers have faced in settling their outstanding tax liabilities, and in line with the commitment of the current government to support businesses, the Federal Inland Revenue Service has approved the following tax concessions for taxpayers with outstanding tax liabilities, in accordance with Federal Inland Revenue Service (Establishment) Act, LFN 2004 as amended:

“Full waiver of penalties on outstanding tax liabilities and Full waiver on interests on outstanding tax liabilities.

“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,” the statement said.

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