FIRS cancels penalties and interests on pending tax liabilities

The Federal Inland Revenue Service (FIRS), has approved amnesty on penalties and interests for outstanding tax liabilities.

The Chairman of FIRS, Zacch Adedeji, said this in a statement on Sunday in Abuja.

The News Agency of Nigeria (NAN) reports that the FIRS imposes sanctions and interests for failure by companies to fulfil their tax obligations.

Adedeji said that the step was in recognition of the challenges that many taxpayers had faced in settling their tax obligations.

He said that it was a demonstration of President Bola Tinubu’s commitment to support businesses.

According to him, full payment of outstanding original tax liabilities without interest on or before Dec. 31 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 31 Dec. 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.

“The Service 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,” he said.