FIRS grants tax reprieve to companies

The Federal Inland Revenue Service (FIRS) yesterday said it has granted a waiver of penalty and interest on tax liabilities to all firms between 2013 and 2015.

Its Chairman, Babatunde Fowler, in a public notice, said the waiver only relates to accumulated penalty and interest but not principal tax due.

Fowler said a 45-day window has been opened by the Service to enable affected firms to declare their indebtedness and present a payment plan on the outstanding principal tax liability, only acceptable to the Federal Board of Inland Revenue.

“The FIRS, by this public notice, will grant a pardon stretching back to three years (2013-2015) to all tax payers in default provided that such defaulting tax payers; come forward to declare their indebtedness within the 45-day window and present a payment plan on the outstanding principal tax liability acceptable to Federal Board of Inland Revenue.”

Source: The Nation

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