FIRS Waives Penalties/ Interests On Accumulated Tax Liabilities

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

Zacch Adedeji, Chairman of the Revenue Service, disclosed the decision in a notice personally signed by him and made available to journalists by his Special Adviser on Media, Dare Adekanmbi.

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

Adedeji said the forbearance 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 must be done by companies wishing to benefit from the concession.

“Taxpayers are advised that the waiver of interest is subject to the full settlement of outstanding principal on or before the 31 of December.

“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.