The Federal Inland Revenue Service (FIRS) has introduced a significant measure, approving amnesty on penalties and interests linked to outstanding tax liabilities, as confirmed by the Chairman of FIRS, Zacch Adedeji, in a statement issued on Sunday in Abuja.
Recognising the financial challenges faced by taxpayers in fulfilling their tax obligations, the FIRS has opted to ease the burden by extending this concession. Adedeji highlighted the intent behind this move, stating, “It is a demonstration of President Bola Tinubu’s commitment to support businesses.”
The amnesty, targeted at companies failing to meet their tax obligations, mandates a full settlement of outstanding original tax liabilities without interest by December 31 to avail of the benefits of this initiative.
Adedeji emphasised, “Taxpayers are advised that the waiver of interest is subject to the full settlement of outstanding principal on or before December 31, 2023.”
However, he cautioned that failure to meet this deadline would result in the reinstatement of full penalties and interests once the concession window closes.
Expressing gratitude to diligent taxpayers who consistently fulfil their tax duties, Adedeji sought their continued cooperation, envisioning a more responsive and robust tax system.
