BUSINESS: FIRS GRANTS TAXPAYERS WAIVER ON ACCUMULATED PENALTIES & INTERESTS ON OUTSTANDING TAX LIABILITIES.

Federal Inland Revenue Service ( FIRS) has granted Taxpayers and Businesses full waiver on accumulated penalties and interests for outstanding tax liabilities.

Chairman of the FIRS, Zach Adedeji disclosed this in a press release issued at weekend, and signed by his special Adviser on Media, Dare Adekambi, noting that the
waiver of interest is subject to the full settlement of outstanding principal on or before the thirty- first of December, 2023.

The FIRS Boss acknowledged that the concession also in line with the commitment of President Bola Ahmed Tinubu’ s economic agenda to support businesses to thrive, reiterating that the full penalty and interests shall be reinstated after the expiration of this one- off concession window.

While appreciating all taxpayers that have been diligent in complying with their tax obligations as and when due, he explained that the forgiveness on piled- up penalties and interests was in recognition of the challenges that taxpayers have faced in setting their outstanding tax liabilities.

The agency imposes penalties and interests for failure by companies to fulfill their tax obligation as and when due, and as stipulated in extant laws.