FIRS extends deadline on penalty and interest waiver

Following a series of palliative measures from the Federal Inland Revenue Service (FIRS) to taxpayers, to cushion the effect of COVID-19 pandemic, the Service has issued a public notice notifying taxpayers of an extension of deadline on penalty and interest waiver. The initial waiver which was issued in April 30, 2020 expired on May 31, 2020.

Without prejudice to the April 30, 2020 public release on the waiver, the Service grants a further extension to tax defaulters to liquidate their outstanding tax liabilities on or before June 30, 2020 in order to enjoy waiver of accumulated penalties and interests. The waiver covers the following:

  • Self-assessment filing
  • Tax Audit
  • Tax Investigation
  • Desk review assessments
  • Approved instalmental payment plans under VAIDS that have not been complied with or are partially complied with

The Service advises VAID debtors to take advantage of this window to avoid a situation whereby the following incentives earlier approved for them would be withdrawn:

  • Waiver of penalty and interest
  • Exemption from tax audit and
  • Exemption from tax investigation

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