From Uche Usim, Abuja
Tax debtors in Nigeria can now heave a sigh of relief as the Federal Inland Revenue Service (FIRS) has waived all accumulated penalties and interests on outstanding liabilities.
The move is to galvanise them to defray all existing tax debts and avoid possible litigation in future.
Chairman of FIRS, Zacch Adedeji, made the disclosure in a public notice he personally signed and released to journalists through his Special Adviser on Media, Dare Adekanmbi.
The revenue service boss noted that ordinarily, penalties and interests are slammed on companies that fail to fulfil their tax obligations as and when due as stipulated in extant tax laws.
Adedeji said the forgiveness on accumulated 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 was also consistent with President Bola Tinubu’s commitment to support businesses to flourish.
He explained that full payment of outstanding original tax liabilities without interest on or before the 31st of December this year must be done by companies wishing to benefit from the peculiar concession.
“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,” Adedeji said.