Further Update On COVID-19 Palliatives No 6: Final Deadline On Penalty And Interest Waiver

SENSITISATION OF FINANCIAL INSTITUTIONS ON COMPLIANCE WITH COMMON REPORTING STANDARD IN NIGERIA
SENSITISATION OF FINANCIAL INSTITUTIONS ON COMPLIANCE WITH COMMON REPORTING STANDARD IN NIGERIA

Our esteemed taxpayers will recall that the Federal Inland Revenue Service (FIRS) had issued a number of palliative measures to cushion the effects of the COVID-19 pandemic on the Nigerian economy. As a demonstration of our support for businesses, the Management of FIRS has elected to further extend the closing date of the waiver of penalty and interest window from 30th June, 2020 to 31st August, 2020.

For the avoidance of doubt this applies to debts arising from:

Self-Assessment filing
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 31st July, 2020 in order to enjoy waiver of accumulated penalties and interests.

Kindly contact your Tax Controller or the nearest FIRS Regional Debt Management Office in case of further enquiries. A list of all our offices is available on our website, www.firs.gov.ng

STAY SAFE!

Muhammad Nami
Executive Chairman

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