FIRS announces full waiver on penalties, interests for tax liabilities

Taxpayers and businesses in Nigeria have received a significant reprieve from the Federal Inland Revenue Service (FIRS), which has announced a comprehensive waiver of all accumulated penalties and interest on overdue tax debts.

The FIRS Chairman, Zacch Adedeji, disclosed this development in a statement he signed and which was disseminated to the press by his Special Adviser on Media, Dare Adekanmbi.

Historically, the FIRS has levied penalties and interest on companies that fail to meet their tax obligations on time, as required by the prevailing tax legislation.

In a move described by Adedeji as “in recognition of the challenges that many taxpayers have faced in settling their outstanding tax liabilities,” the FIRS has decided to offer clemency on the accrued fines and interest.

He further stated that this gesture aligns with President Bola Tinubu’s pledge to nurture the growth of businesses.

Adedeji clarified that companies eager to avail themselves of this unique offer must settle their outstanding tax bills, excluding interest, by no later than December 31st of the current year.

“Taxpayers are advised that the waiver of interest is subject to the full settlement of outstanding principal on or before the 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 emphasized.