The Federal Inland Revenue Service (FIRS) has further extended the closing date of its waiver of penalty and interest window on tax debts owned by individuals and businesses from June 30, to August 31st this year. The Chairman of the Service, Muhammad Nami, announced the extension in a statement issued Wednesday in Abuja.
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The tax administrator stated that the extension was a follow up to a number of palliative measures devised by the FIRS to cushion the effects of the COVID-19 pandemic on the Nigerian economy in order to support tax-paying individuals and business entities.
According to him, the extension applies to “Tax Audit, Tax Investigation, and Desk review assessments, Approved installment payment plans under Voluntary Assets, and Income Declaration Scheme (VAIDS) yet to be fully liquidated. “Taxpayers are advised to note that there will be no further extension of this palliative measure. Tax debtors are therefore enjoined to liquidate their outstanding tax liabilities on or before 31st August 2020 in order to enjoy a waiver of accumulated penalties and interests” the chairman stressed. He, therefore, advised all concerned individuals and businesses to contact their respective Tax Controller or the nearest FIRS Regional Debt Management Office for further inquiries.