Daily Trust - FIRS extends tax debt payments

 

FIRS extends tax debt payments

The Federal Inland Revenue Service (FIRS) has further extended the closing date of its waiver of penalty and interest window on tax debts owned by individuals and businesses from June 30, 2020 to August 31st, 2020.

The Chairman of the Service, Muhammad Nami, disclosed the extension in a statement issued on Wednesday in Abuja.

The statement said the extension is a follow up to a number of palliative measures devised by the FIRS to cushion the effects of the COVID-19 pandemic on the Nigerian economy in order to support tax-paying individuals and business entities in the country.

It also explained that the extension applies to “Tax Audit, Tax Investigation and Desk review assessments, Approved installment payment plans under Voluntary Assets and Income Declaration Scheme (VAIDS) yet to be fully liquidated.”

“Taxpayers are advised to note that there will be no further extension of this palliative measure.

“Tax debtors are therefore enjoined to liquidate their outstanding tax liabilities on or before 31st August, 2020 in order to enjoy waiver of accumulated penalties and interests” the chairman said

Nami further advised all concerned individuals and businesses to contact their respective “Tax Controller or the nearest FIRS Regional Debt Management Office in case of further enquiries”

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FIRS extends tax debt payments

The Federal Inland Revenue Service (FIRS) has further extended the closing date of its waiver of penalty and interest window on tax debts owned by individuals and businesses from June 30, 2020 to August 31st, 2020.

The Chairman of the Service, Muhammad Nami, disclosed the extension in a statement issued on Wednesday in Abuja.

The statement said the extension is a follow up to a number of palliative measures devised by the FIRS to cushion the effects of the COVID-19 pandemic on the Nigerian economy in order to support tax-paying individuals and business entities in the country.

It also explained that the extension applies to “Tax Audit, Tax Investigation and Desk review assessments, Approved installment payment plans under Voluntary Assets and Income Declaration Scheme (VAIDS) yet to be fully liquidated.”

“Taxpayers are advised to note that there will be no further extension of this palliative measure.

“Tax debtors are therefore enjoined to liquidate their outstanding tax liabilities on or before 31st August, 2020 in order to enjoy waiver of accumulated penalties and interests” the chairman said

Nami further advised all concerned individuals and businesses to contact their respective “Tax Controller or the nearest FIRS Regional Debt Management Office in case of further enquiries”

texem
More Stories