The Federal Inland Revenue Service has granted a full waiver on accumulated penalties and interests for outstanding tax liabilities.
Chairman of the service, Zacch Adedeji, disclosed this in a notice personally signed by him and made available to newsmen through his Special Adviser on Media, Dare Adekanmbi, on Sunday.
Adedeji said the forgiveness of piled-up penalties and interests was “in recognition of the challenges that many taxpayers have faced in settling their outstanding tax liabilities.”
According to him, the concession also embeds with the commitment of President Bola Tinubu to support businesses to flourish.
He emphasized 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.
“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,”
“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.
