FIRS Says Tax Waivers Window Will Close December 31
The Federal Inland Revenue Service (FIRS) says the window of opportunity for waivers of penalties and interest on outstanding taxes arising from desk examinations and audit exercises will close on Dec. 31.
Mr Abdullahi Ahmad, Director, Communications and Liaison Department of the FIRS, made this known in a statement on Wednesday.
Ahmad urged taxpayers in the country to take advantage of the remaining days to settle their tax obligations in order to enjoy all subsisting waivers offered thereof by the service.
He said the Executive Chairman of the FIRS, Mr Muhammad Nami, had already issued a reminder in this regard entitled, “public notice on the recovery of outstanding taxes from taxpayers”.
“The Service, in recent times, has issued a series of palliatives for the waivers of penalties and interest on outstanding taxes arising from desk examinations, audit exercises, investigations or all other forms of tax assessment.
“However, the service has observed that some taxpayers are yet to take advantage of the palliative windows opened to cushion the effect of the challenges of the economy on taxpayers.
“Furthermore, the service wishes to put all taxpayers on notice that the last window of opportunity for the waiver of outstanding penalties and interest on all taxes collectible by the service shall close on 31st December 2020” he stated.
Some companies have been battling with aftermath of the coronavirus-induced lockdown as earnings stay below pre-pandemic level.
This has been made worsen due to lower economic activities as purchasing power continues to mounting pressure on individuals and businesses.
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Both instability in price level and foreign exchange scarcity have remained downside risks to business performance in the recent time.
Data from the Nigerian Bureau of Statistics (NBS) revealed that total corporate income tax collections for 9M-2020 printed at ₦1.1 trillion, declining 11.9% year on year compared with the ₦1.3 trillion collected in 9M-2019.
