FIRS Extends Waiver, Penalties on Tax Debts
A waiver on tax debts and penalties has been extended by the Federal Inland Revenue Service (FIRS), from June 30 to August 31.
The extension which was contained in a press statement issued by the agency was to cushion the effect of the coronavirus pandemic.
In the statement by the Director, Communications and Liaison Department, FIRS, Dr. Abdullahi Ahmad, the extension was to support tax-paying individuals and business entities, adding that it involves “tax audit, tax investigation and desk review assessments approved installment payment plans under Voluntary Assets and Income Declaration Scheme (VAIDS) yet to be fully liquidated.”
The statement warned that there would be no further extension after August 31, adding, “tax debtors are therefore enjoined to liquidate their outstanding tax liabilities on or before August 31, 2020, in order to enjoy a waiver of accumulated penalties and interests.”
The Executive Chairman of the FIRS), Mr. Muhammad Nami, was quoted as saying that measure was part of the agency’s efforts to mobilise resources for the federal government as fiscal power has been affected by poor revenue from oil.
The extension which was contained in a press statement issued by the agency was to cushion the effect of the coronavirus pandemic.
In the statement by the Director, Communications and Liaison Department, FIRS, Dr. Abdullahi Ahmad, the extension was to support tax-paying individuals and business entities, adding that it involves “tax audit, tax investigation and desk review assessments approved installment payment plans under Voluntary Assets and Income Declaration Scheme (VAIDS) yet to be fully liquidated.”
The statement warned that there would be no further extension after August 31, adding, “tax debtors are therefore enjoined to liquidate their outstanding tax liabilities on or before August 31, 2020, in order to enjoy a waiver of accumulated penalties and interests.”
The Executive Chairman of the FIRS), Mr. Muhammad Nami, was quoted as saying that measure was part of the agency’s efforts to mobilise resources for the federal government as fiscal power has been affected by poor revenue from oil.
FOLLOW US
About Post Author
