The Federal Inland Revenue Service (FIRS) says the waivers of penalties and interest on outstanding taxes from desk examinations, audit exercises, investigations or all other forms of tax assessment will be concluded on December 31, this year.
FIRS appealed to taxpayers in Nigeria to capitalize on the opportunity provided by the remaining days to settle their tax obligations in order to enjoy all subsisting waivers offered.
The Executive Chairman, Muhammad Nami, issued a reminder notice ttitled, “Public Notice on the Recovery of Outstanding Taxes from Taxpayers”
Nami said that FIRS had issued a series of palliatives for the waivers of penalties and interest on outstanding taxes.
The chairman said the agency observed that some taxpayers are yet to capitalize on the windows opened to cushion the effect of the challenges of the economy on taxpayers.
“The Service wishes to put all taxpayers on notice that the last window of opportunity for the waiver of outstanding penalties and interest on all taxes collectible by the Federal Inland Revenue Service shall close on 31st December 2020″, Nami announced.
The notice added that after the expiration date, FIRS will recover all outstanding debts 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 FIRS (Establishment) Act 2007.