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Waiver Of Penalties And Interest On Outstanding Tax Liabilities

Waiver of Penalties and Interest on Outstanding Tax Liabilities

Waiver of Penalties and Interest on Outstanding Tax Liabilities

The Federal Inland Revenue Service, FIRS, has approved a full waiver of penalties and interests on all outstanding tax liabilities subject to the payment of the full principal before December 31, 2023.

The waiver was announced in a recent public notice signed by the Executive Chairman of FIRS, Zack Adedeji.

The 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 problems faced by many taxpayers in settling their outstanding tax obligations and in line with the commitment of the current government to support businesses.

The decision for this waivers was to alleviate the problems that many taxpayers have faced in settling their outstanding tax liabilities. The commitment of the current government to support businesses, “Taxpayers are advised that the waiver of interest is subject to the full settlement of outstanding principal on or before December 31 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.

 

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