About a month ago, thousands of youth across Nigeria came together under the #EndSARS peaceful protest to demand for security, good governance, and an end to police brutality.
Sòrò Sókè (Speak Up!), a common phrase used during the #EndSARS movement signified the prompting of Government to: (i) cease being silent over these pressing issues; (ii) rise to the demands of the youth; and (iii) take clear action for the good of all.
The peaceful #EndSARS demonstration by the youth was eventually hijacked by hoodlums whose acts of violence and destruction of properties crippled myriad businesses across the country.
Following these events, the FIRS in its own version of #SoroSoke has released a Public Notice identifying with businesses that have suffered loss, destruction of property and other forms of disruption.
The FIRS in this Public Notice also provided further tax palliatives to assist businesses in these difficult times as majority are still struggling to recover from the harsh effects of the Covid-19 pandemic.
By the FIRS’ latest Public Notice, penalties and interests have been waived for all businesses that fully pay the principal portion of their outstanding tax liabilities. This waiver of penalties and interests would last till 31st December 2020!
Businesses with outstanding liabilities from self-assessments, desk and field audit assessments as well as tax investigations can take advantage of these waivers and settle all their debts with the FIRS.
The FIRS also reminded businesses that earn their revenue in Naira and are currently facing challenges in sourcing FOREX to offset their tax liabilities that they have the option of paying in Naira at the prevailing Investors & Exporters Forex window rate on the day of payment.
Also, the deadline for filing Monthly Withholding Tax (WHT) and Value Added Tax (VAT) returns remains extended from the 21st day of the month to the last day of the month.
While hoping for a speedy recovery of businesses affected, the FIRS encouraged taxpayers to contact the office of the Special Assistant to the Executive Chairman on Technical Matters, Abuja, for enquiries.