The Federal Inland Revenue Service, FIRS, has 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 31.
Last month, the service had extended the deadline set to waive interest accruals to debts, as well as the related penalties for defaulting taxpayers if they fully settle their indebtedness on or before May 31 till June 30.
A statement issued on Wednesday by the Director, Communications and Liaison Department, FIRS, Dr. Abdullahi Ismaila Ahmad quoted the Executive Chairman, Mr. Muhammad Nami, as saying that the extension was a follow up to a number of palliative measures devised by FIRS to cushion the effects of the COVID-19 pandemic on the economy in order to support tax-paying individuals and business entities in the country.
The latest extension applies to “Tax Audit, Tax Investigation and Desk Review Assessments, approved instalment payment plans under the 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 have been advised “to liquidate their outstanding tax liabilities on or before August 31 in order to enjoy waiver of accumulated penalties and interests,” said the statement.
He also advised all concerned individuals and businesses to contact their respective “Tax Controller or the nearest FIRS Regional Debt Management Office in case of further enquiries”, stressing that “a list of all our offices is available on our website: www.firs.gov.ng.”
Nami said the moves are part of efforts to mobilise resources for the federal government whose fiscal power has been badly impaired by the drastic fall in global oil prices occasioned by the outbreak and spread of the pandemic.
The service had announced the resumption of audit, investigations and monitoring exercises, earlier suspended as part of measures to cushion the impact of the pandemic.