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Market Digest Nigeria

Finance

FIRS gives condition for tax waivers

The Federal Internal Revenue Service (FIRS) has assured all taxpayers with outstanding tax debt that their interests and penalties will be waived if they complied with its a condition.

The condition, which was disclosed by FIRS via a Public Notice issued by the agency and seen by Nairametrics, is that they must pay their debt in full on or before May 31, 2020.

The notice, which was signed by the Executive Chairman, FIRS, Muhammadu NamiIt stated, “Following a series of enquiries that my team and I have received on the implications of the palliative measures on tax arrears which arise as a result of desk review, tax audit and investigation, the Service wishes to reassure all taxpayers with outstanding tax debt that interests and penalties will be waived, should they pay their debt in full on or before May 31, 2020.

“The concerned taxpayers are to note that this concession is only valid if full payments are received on or before May 31, 2020. Again, the public is assured that we will continue to provide support to all taxpayers as directed by President Muhammadu Buhari in his lockdown speech.”

Meanwhile, Nairametrics had reported about a week ago when Nami issued a circular appealing to corporate bodies across sectors to go the extra mile to cooperate with the agency in making special arrangements to pay their taxes.

He said, ‘’I wish to specially make an appeal to corporate bodies in the sectors above to go the extra mile at this time to cooperate with us in making special arrangements to pay their taxes. They may consider, for instance, a situation where they can commence payment of their annual returns earlier than the due date apart from their normal monthly obligations.’’

‘’This has become necessary in order to ease some of the cash flow gaps being experienced by the government at this critical time’’.

NAIRAMETRICS

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