FIRS: Tax Debt Payment extended to August

The Federal Inland Revenue Service (FIRS) has extended the closing date of tax debt payments in the country. In a statement issued on Wednesday by FIRS Director of Communications, Abdullahi Ahmad, the agency moved its waiver of penalty and interest window on tax debts owned by individuals and businesses from June 30 to August 31st, 2020.

He noted that the agency’s boss, Muhammad Nami, approved the extension as a “follow up to a number of palliative measures devised by the FIRS to cushion the effects of the COVID-19 pandemic on the Nigerian economy.” According to him, the move is to support tax-paying individuals and business entities in the country.

“Taxpayers are advised 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 a waiver of accumulated penalties and interests,” Nami was quoted as saying.

FIRS Chairman explained that the extension applies to tax auditing, investigation and desk review assessments, approved instalment payment plans under Voluntary Assets and Income Declaration Scheme (VAIDS) yet to be fully liquidated.

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