Relief has come for taxpayers and businesses as the Federal Inland Revenue Service (FIRS) announces a significant decision to grant a full waiver on accumulated penalties and interests for outstanding tax liabilities.
The Chairman of the revenue service, Zacch Adedeji, personally signed the notice, which was made available to the press through his Special Adviser on Media, Dare Adekanmbi.
The FIRS typically imposes penalties and interests when companies fail to fulfill their tax obligations promptly, as stipulated in existing tax laws.
Dr. Adedeji, a holder of a doctorate degree in Public Sector Finance from Obafemi Awolowo University, Ile-Ife, stated that this forgiveness on piled up penalties and interests is “in recognition of the challenges that many taxpayers have faced in settling their outstanding tax liabilities.”
The decision aligns with President Bola Tinubu’s commitment to supporting businesses to flourish, according to Adedeji.
Companies wishing to benefit from this concession must make full payments of outstanding original tax liabilities without interest on or before December 31 of the current year.
Adedeji emphasized, “Taxpayers are advised that the waiver of interest is subject to the full settlement of outstanding principal on or before December 31, 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.”
In expressing appreciation, Adedeji thanked diligent taxpayers who have complied with their tax obligations promptly and called for their continued support and cooperation for a more responsive and robust tax system.
