VICTORIA ONU, ABUJA
THE Federal Inland Revenue Service has disclosed that the window of opportunity for waivers of penalties and interest on outstanding taxes arising from desk examinations, audit exercises, investigations or all other forms of tax assessment will close on December 31, 2020.
Consequently, the FIRS called on taxpayers in the country to take advantage of the remaining days of this month to settle their tax obligations in order to enjoy all subsisting waivers offered thereof by the Service.
Already, the Executive Chairman, FIRS, Muhammad Nami, has issued a reminder notice in this regard on the recovery of outstanding taxes from taxpayers.
The Service had in recent times, issued series of palliatives for the waivers of penalties and interest on outstanding taxes arising from desk examinations, audit exercises, investigations or all other forms of tax assessment.
The FIRS, according to the Notice issued on Wednesday, said it had observed that some taxpayers had yet to take advantage of the palliative windows opened to cushion the effect of the challenges of the economy on taxpayers.
It added, “The Service wishes to put all taxpayers on notice that the last window of opportunity for the waiver of outstanding penalties and interest on all taxes collectible by the Federal Inland Revenue Service shall close on 31st December 2020.
“Consequently, all concerned taxpayers are hereby put on notice that after the expiration date of 31st December 2020, the Service shall recover all outstanding debt with penalties and interest, in accordance with the provisions of the extant tax laws such as “the power of substitution” conferred on it by Section 31 of the Federal Inland Revenue Service (Establishment) Act 2007.”
Nigerian businesses have been granted series of tax waivers to mitigate the impact of losses resulting from the #EndSARS protest, as well as the Coronavirus pandemic.
The response by the FIRS follows massive disruption of business activities, including destructions and massive looting which erupted after protesters were shot by soldiers at the Lekki tollgate.
The Service had said that it identified with businesses that suffered one form of loss or the other occasioned by the recent #EndSARS protest.
