The Federal Inland Revenue Service (FIRS) has taken a significant step by offering a full waiver on accumulated penalties and interests associated with outstanding tax liabilities.
Zacch Adedeji, the Chairman of the service, revealed this in a notice released on Sunday and personally signed by him.
In the notice made available to the media through his Special Adviser on Media, Dare Adekanmbi, Adedeji acknowledged the challenges faced by many taxpayers in settling their outstanding tax obligations. The waiver is designed to provide relief and support in recognition of these challenges.
The FIRS typically imposes penalties and interests on companies for failing to fulfill their tax obligations within the stipulated timelines as per existing tax laws. Adedeji emphasized that the forgiveness of accumulated penalties and interests aligns with President Bola Tinubu’s commitment to fostering an environment supportive of business growth.
Companies seeking to benefit from this concession must make full payment of their outstanding original tax liabilities without interest on or before December 31, 2023. Adedeji stressed that the waiver of interest is contingent on the complete settlement of the outstanding principal by the specified date.
He cautioned that after the expiration of this one-off concession window, the full penalty and interest would be reinstated if the outstanding undisputed liability remains partially or fully unpaid. Adedeji expressed the FIRS’s appreciation for diligent taxpayers who comply with their obligations and sought their continued support for a more responsive and robust tax system.
