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‘Adedeji explained that the forgiveness on piled up penalties and interests was in recognition of the challenges that many taxpayers have faced in settling their outstanding tax liabilities’
By Valentine Amanze
The Federal Inland Revenue Service (FIRS) has granted taxpayers and businesses full waiver on accumulated penalties and interests for outstanding tax liabilities.
The FIRS Chairman, Mr. Zacch Adedeji, announced the cheery news in a statement issued by his Special Adviser on Media, Dare Adekanmbi.
Adedeji explained that the forgiveness on piled up penalties and interests was in recognition of the challenges that many taxpayers have faced in settling their outstanding tax liabilities.
According to him, the concession also syncs with the commitment of President Bola Tinubu to support businesses to flourish.
He explained that full payment of outstanding original tax liabilities without interest on or before December 31, 2023 must be done by companies wishing to benefit from the peculiar concession.
His words: “Taxpayers are advised that the waiver of interest is subject to the full settlement of outstanding principal on or before the 31 December, 2023.
“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.
“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.”
The agency imposes penalties and interests for companies’ failure to fulfil their tax obligation as and when due as stipulated in extant tax laws.