FIRS Grants Full Waiver on Penalties and Interests for Outstanding Taxes by Companies

Federal Inland Revenue Service (FIRS) has granted a full waiver on accumulated penalties and interests for outstanding taxes and interest payments by companies.

The agency’s chairman, Zacch Adedeji in a notice issued on Sunday, said the affected companies were being forgiven due to the challenges that many taxpayers are facing in settling their outstanding liabilities.

Beneficiaries are expected to fully pay their outstanding original tax obligations on or before December 31.

The penalties and interests are imposed on the affected companies for failing to pay their tax within the stipulated period.

The agency imposes penalties and interests for failure by companies to fulfill their tax obligation as and when due as stipulated in extant tax laws.

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According to a statement by his special adviser on media, Dare Adekanmbi,

Adedeji said the forgiveness of piled-up penalties and interests was in recognition of the challenges that many taxpayers have faced in settling their outstanding tax liabilities.

The agency imposes penalties and interests for failure by companies to fulfill their tax obligation as and when due as stipulated in extant tax laws.

According to a statement by his special adviser on media, Dare Adekanmbi,

Adedeji said the forgiveness of piled-up penalties and interests was “in recognition of the challenges that many taxpayers have faced in settling their outstanding tax liabilities.