FIRS Announces Waiver of Penalties and Interests for Outstanding Tax Obligations

FIRS Announces Waiver of Penalties and Interests for Outstanding Tax Obligations

The Federal Inland Revenue Service (FIRS) has granted amnesty on penalties and interests related to outstanding tax liabilities. Zacch Adedeji, the chairman of FIRS, announced this in a statement released on Sunday in Abuja. Typically, FIRS imposes sanctions and interests when companies fail to meet their tax obligations. Adedeji emphasized that this initiative acknowledges the challenges faced by many taxpayers in settling their tax dues and aligns with President Bola Tinubu’s commitment to supporting businesses.

To avail themselves of this concession, companies must fully pay their outstanding original tax liabilities without incurring interest by December 31. Adedeji specified that the waiver of interest is contingent on the complete settlement of the outstanding principal by the given deadline. However, he cautioned that after this one-off concession window closes, full penalties and interest will be reinstated for any remaining fully or partially unpaid undisputed liabilities.

Adedeji expressed the Service’s gratitude towards diligent taxpayers who consistently comply with their tax obligations and called for their ongoing support and cooperation. This move is part of an effort to foster a more responsive and robust tax system. Companies are urged to take advantage of this limited-time opportunity to resolve their tax liabilities and contribute to the overall economic stability.


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