The Federal Inland Revenue Service (FIRS) has announced a comprehensive waiver of accumulated penalties and interests related to outstanding tax liabilities.
Chairman of the FIRS, Zacch Adedeji, revealed this decision in a notice he signed and shared with the press through his Special Adviser on Media, Dare Adekanmbi.
The FIRS typically imposes penalties and interests when companies fail to meet their tax obligations within the specified time frames outlined in existing tax laws.
Adedeji stated that this forgiveness of accumulated penalties and interests is in response to the challenges faced by many taxpayers in settling their outstanding tax liabilities.
He highlighted that this concession aligns with President Bola Tinubu’s commitment to supporting the growth of businesses. To benefit from this unique concession, companies are required to make full payments of their outstanding original tax liabilities without interest on or before December 31 of the current year.
Adedeji also revealed that while the waiver of interest is provided, it is contingent upon the complete settlement of the outstanding principal by companies within the stipulated timeframe, which is December 31, 2023.