Taxpayers and Businesses Receive Reprieve from FIRS
By Patience Ikpeme
In a move to ease the burden on taxpayers and businesses, the Federal Inland Revenue Service (FIRS) has granted them a full waiver on accumulated penalties and interests for outstanding tax liabilities.
The decision, announced by FIRS Chairman Zacch Adedeji, comes as a welcome relief to those struggling to meet their tax obligations.
Adedeji stated that the waiver was granted “in recognition of the challenges that many taxpayers have faced in settling their outstanding tax liabilities.” He also acknowledged the commitment of President Bola Tinubu to support the growth and prosperity of businesses.
To avail themselves of this exceptional concession, companies must make full payment of their outstanding original tax liabilities without interest on or before December 31, 2023.
Adedeji emphasized that “taxpayers are advised that the waiver of interest is subject to the full settlement of outstanding principal on or before the 31st of December, 2023.”
He further warned 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 FIRS commended taxpayers who have consistently fulfilled their tax obligations and urged continued cooperation in fostering a more responsive and robust tax system.
This waiver demonstrates the FIRS’s understanding of the challenges faced by taxpayers and businesses and its commitment to supporting their growth and success.
