Federal Tax Authority Extends Debt Payment to August

Federal Tax Authority Extends Debt Payment to August

The Federal Inland Revenue Service (FIRS) has extended the closing date of its waiver of penalty and interest window on tax debts owned by individuals and businesses from June 30 to August 31, 2020.

Abdullahi Ahmad, the Federal Inland Revenue Director, Communications and Liaison Department made this known in a statement in Abuja on Wednesday.

According to him, the decision is necessitated due to the effect of the coronavirus pandemic on the performance of some corporate organizations – small, medium and large enterprises.

It was noted that many companies operating activities have been slowing down, thus reduced earnings capability to meet their obligations -short and long term.

Federal Tax Authority Extends Debt Payment to August

Ahmad quoted the Executive Chairman of FIRS, Mr. Muhammad Nami as saying “the extension is a follow up to a number of palliative measures devised by the service to cushion the effects of the COVID-19 pandemic on the Nigerian economy”.

The decision is to support tax-paying individuals and business entities in the country.

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FIRS said the latest extension applies to tax audit, tax investigation and desk review assessments, approved installment payment plans under Voluntary Assets and Income Declaration Scheme yet to be fully liquidated.

Nami disclosed that there will be no further extension of this palliative measure.

Explaining further, he said tax debtors were therefore enjoined to liquidate their outstanding tax liabilities on or before August 31 in order to enjoy waiver of accumulated penalties and interests.

He also advised all concerned individuals and businesses to contact their respective tax Controller or the nearest FIRS Regional Debt Management Office in case of further enquiries.

The tax authority said it list of all our offices was available on their website: www.firs.gov.ng.

Federal Tax Authority Extends Debt Payment to August

By Ogochi Ndubuisi