In furtherance of the number of palliative measures to cushion the effects of COVID-19 pandemic on the Nigerian economy, the Federal Inland Revenue Service (FIRS) has further extended the closing date for the waiver of penalty and interest window from 30th June, 2020 to 31st August, 2020.
For the avoidance of doubt, the public notice reiterates that the waiver applies to debts arising from:
- Tax Audit
- Tax Investigation
- Desk review assessments
- Approved instalment payment plans under Voluntary Assets and Income Declaration Scheme (VAIDS) and such other plans, yet to be fully liquidated.
The Service advised Taxpayers to note that there will be no further extension of this palliative measure. Tax debtors are therefore enjoined to liquidate their outstanding tax liabilities on or before 31st August, 2020 in order to enjoy the waiver of accumulated penalties and interests.