The Federal Inland Revenue Service (FIRS) has granted a full waiver on accumulated penalties and interests for outstanding tax liabilities subject to the payment of the full principal before December 31, 2023.
The tax agency said the concessions which align with Section 32 of the Federal Inland Service (Establishment) Act, LFN 2004 (as amended) were considered in recognition of the challenges faced by many taxpayers in settling their outstanding tax obligations, and in line with the commitment of the current government to support businesses.
This disclosure is contained in a notice personally signed by the Chairman of FIRS, Zacch Adedeji, where he explained that the full penalty and interest shall be reinstated after the expiration of the one-off concession window where the outstanding undisputed liability remains fully or partially unpaid.
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.
He said that the concession also syncs with the commitment of President Bola Tinubu to support businesses to flourish.
The statement from Adedeji reads,
