Update on Final Waiver of Penalty and Interest by FIRS

We informed you by our last update that FIRS waived all penalties and interests for all taxpayers as long as outstanding tax liabilities are settled in full on or before 30th June, 2020.

To demonstrate its support of businesses, the FIRS has now extended the waiver of penalties and interests to 31st August, 2020.

The FIRS states that this is the final deadline on penalty and interest waiver. No shaking.

Though the extended waiver applies to all taxpayers, to clear any doubts the FIRS highlighted some categories of taxpayers that need to take advantage of the palliative. They include taxpayers that have outstanding liabilities from:

  • tax audits, tax investigation and desk review assessments; and
  • approved Voluntary Assets and Income Declaration Scheme (VAIDS) payment plans.

The FIRS again stressed that there will be no further extension of this palliative measure. Tax debtors are thus urged to settle their outstanding liabilities accordingly.

Taxpayers are encouraged to contact their tax offices or the Regional Debt Management Office for enquiries.


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