December 31, 2020 has been set by the Federal Inland Revenue Service (FIRS) as the last window of opportunity for the waiver of outstanding penalties and interest on all taxes.
This was contained in a statement signed by the executive chairman of FIRS, Muhammad Nami.
The service noted that despite series of palliatives for waivers of penalties and interest on outstanding taxes, some taxpayers are yet to take advantage of the palliative windows opened to cushion the effect of the challenges of the economy on taxpayers.
“After the expiration date of December 31, 2020, the service shall recover all outstanding debt with penalties and interest, in accordance with the provisions of the extant tax laws such as “the power of substitution” conferred on it by Section 31 of the Federal Inland Revenue Service (Establishment) Act 2007,” the statement said.
“The service has issued a series of palliatives for the waivers of penalties and interest on outstanding taxes arising from desk examinations, audit exercises, investigations or all other forms of tax assessment.
“However, the service has observed that some taxpayers are yet to take advantage of the palliative windows opened to cushion the effect of the challenges of the economy on taxpayers.”