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FIRS extends penalty waiver on tax debt repayment

FIRS extends penalty waiver on tax debt repayment
July 08
10:02 2020
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The Federal Inland Revenue Service (FIRS) has extended the deadline of the waiver of penalty and interests to be paid on tax debts owned by individuals and businesses.

In a statement on Wednesday, Abdullahi Ahmad, director of FIRS communications and liaison department, said the deadline has been extended from June 30 to August 31.

Ahmed quoted Muhammad Nami, the FIRS executive chairman, as saying the extension is 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.

He said the measure is also to support tax-paying individuals and business entities in the country.

According to the FIRS boss, the latest extension applies to “tax audit, tax investigation and desk review assessments, approved instalment 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 August 31, 2020, in order to enjoy a waiver of accumulated penalties and interests,” he said.

Nami also advised concerned individuals and businesses to contact their respective tax controller or the nearest FIRS regional debt management office for further enquiries.

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