In a move aimed at supporting businesses and acknowledging the challenges faced by taxpayers, the Federal Inland Revenue Service (FIRS) has announced amnesty on penalties and interests for outstanding tax liabilities.
FIRS Chairman, Zacch Adedeji, revealed this significant development on Sunday in Abuja, highlighting President Bola Tinubu’s commitment to fostering a supportive environment for businesses.
The amnesty comes as a recognition of the difficulties many taxpayers encountered in meeting their tax obligations.
Traditionally, FIRS imposes penalties and interests on companies that fail to fulfill their tax responsibilities.
The newfound concession is a proactive step towards alleviating the burden on businesses and encouraging compliance.
To avail themselves of this amnesty, companies are required to make full payment of their outstanding original tax liabilities without incurring any interest.
However, this must be completed on or before December 31, emphasizing the time-sensitive nature of the concession.
Adedeji emphasized that the waiver of interest is contingent upon the complete settlement of the outstanding principal by the specified deadline.
It’s crucial for companies seeking to benefit from this concession to adhere to the December 31 cutoff.
Post this one-off concession window, the full penalty and interest will be reinstated if any undisputed liability remains partially or fully unpaid.
In expressing gratitude to diligent taxpayers who consistently meet their tax obligations, FIRS urged continued support and cooperation for building a more responsive and robust tax system.
This amnesty serves as a positive step towards fostering a conducive environment for businesses, recognizing the broader economic challenges faced by taxpayers.
Source: Daily Nigerian