FIRS introduces additional tax palliatives for businesses

11 Nov FIRS introduces additional tax palliatives for businesses

The Federal Inland Revenue Service (FIRS) has said that it will grant additional tax palliatives to Nigerians to provide relief for companies and businesses that suffered disruption during the protests.

In a memo addressed to the general public, the FIRS said: “Following the disruption to businesses which followed the recent protest across Nigeria, the Federal Inland Revenue Service (FIRS) has issued a public notice (the Notice) granting an additional window for obtaining a waiver of interest and penalty on outstanding tax liabilities resulting from tax desk reviews, audit and/or investigations and self-assessments from 4 November to 31 December 2020

“This waiver only applies where taxpayers settle their outstanding tax liabilities (principal amount) on or before 31 December 2020.

According to the Notice, the FIRS said additional window granted for obtaining a waiver of interest and penalty on outstanding tax liabilities is necessary to provide some relief to businesses that have suffered disruptions as a result of the recent protest across the country, in addition to disruptions caused by the COVID-19 Pandemic.

The FIRS also reiterated that the palliatives earlier granted to companies are still in place. They include extension of the filing and payment deadline for Withholding Tax and Value Added Tax returns from 21st day of the month to the last day of the month.