The Chairman of the Federal Inland Revenue Service (FIRS), Mr. Zacch Adedeji, and his Special Adviser on Media, Dare Adekanmbi, revealed in a Sunday circular in Abuja that FIRS has decided to waive accumulated penalties and interests on outstanding tax liabilities.
This decision aligns with President Bola Tinubu’s commitment to supporting businesses, acknowledging the challenges faced by taxpayers in settling their obligations.
Mr. Adedeji explained, “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 emphasized that companies wishing to benefit from this concession must make full payments of their outstanding original tax liabilities without interest within the specified timeframe.
He further stated, “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.”
Expressing gratitude, Mr. Adedeji acknowledged diligent taxpayers, stating,
“FIRS 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.”
This call for ongoing cooperation emphasizes the mutual responsibility of both tax authorities and taxpayers in maintaining a responsive tax ecosystem.
| Vanguard
