Percy Onyeka
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A complete waiver of accrued penalties and interest for unpaid tax liabilities has been issued by the Federal Inland Revenue Service.
The service’s chairman, Zacch Adedeji, revealed this in a notice that he personally signed and provided to journalists on Sunday via his Special Advisor on Media, Dare Adekanmbi.
In accordance with current tax regulations, the agency levies penalties and interest on businesses who fail to pay their taxes on time.
The waiver of accrued fines and interest, according to Adedeji, is “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 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 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.
Techrectory with Agency Report.
