FIRS cancels penalties and interest on outstanding tax debts

The Federal Inland Revenue Service (FIRS) has authorized an amnesty for penalties and interest on unpaid tax legal responsibility.

FIRS Chairman, Zak Adeji mentioned this in an announcement in Abuja on Sunday.

The News Agency of Nigeria (NAN) reported that the FIRS is imposing sanctions and interest on corporations for defaulting on their tax obligations.

Mr Adeji mentioned the transfer was in recognition of the challenges many taxpayers have confronted in resolving their tax obligations.

He mentioned this was an indication of President Bola Tinubu’s willpower to assist companies.

He mentioned companies wishing to learn from the concession should pay their authentic outstanding taxes in full, interest-free, by December 31.

“Taxpayers are suggested that interest forgiveness is conditional on full settlement of the outstanding principal by December 31, 2023.

“Please word that if any outstanding undisputed debt stays absolutely or partially unpaid, the complete penalty and interest will probably be reinstated after the expiry of this one-time concession interval .

“The Agency thanks all taxpayers for faithfully complying with their tax obligations on time, while seeking their continued support and cooperation for a faster and more robust tax system,” he mentioned.

Source: guardian.ng