Tax waiver: FIRS gives December 31 deadline to NASME

By Chinyere Anyanwu

The Federal Inland Revenue Service (FIRS) has extended the tax penalty and interest waiver period to December 31, 2016, for members of the Nigerian Association of Small and Medium Enterprises (NASME).

In a statement issued after the Public-Private Dialogue (PPD) on Tax and Regulatory Policy Framework for Micro, Small and Medium Enterprises in Nigeria, which recently held in Lagos, NASME advised its members to take advantage of the extension to apply through the association to the FIRS.

It added that the PPD recommended that FIRS would work with the NASME-led coalition to ensure that all penalties and interest owed prior to 2016 would be forgiven as long as members apply through NASME.

The statement equally noted that the use of Management Accounts as opposed to Audited Accounts (if not available) would be accepted when filing for the penalty waiver and that FIRS would continue to work with NASME for the growth of the MSME sector in Nigeria because the government is a listening one.

According to the statement, other recommendations of the PPD include that the Lagos State Internal Revenue Service would work with the NASME-led coalition, set up an automated customer care desk for enquiries, requests and complaints, to enlighten the public on the difference between taxes, fees and charges.

The Federal Ministry of Finance would work with the NASME-led coalition to look into the reduction of Personal Income Tax, while ensuring that the revised recommendations from the National Policy Review Committee would be passed into legislation by 2017.

Others are that the Federal Ministry of Industry, Trade and Investment (FMITI) would work with the NASME-led coalition to strengthen and support the MSME sector in Nigeria.

The Joint Tax Board (JTB) would work with the coalition to address all issues relating to multiplicity of taxes and that members of NASME should report any suspicious or bogus charges to the board. Also, taxes, fees and charges would be separated and that the JTB would make the list available.