FIRS extends tax debt payments to August 31st

The Federal Inland Revenue Service (FIRS) has further extended the closing date of its waiver of penalty and interest window on tax debts owned by individuals and businesses from June 30, 2020, to August 31st, 2020.

In a statement released to the newsmen on Wednesday morning by its Director, Communications and Liaison Department, Abdullahi Ismaila Ahmad, stated that the Executive Chairman, FIRS, Mr Muhammad Nami said the extension is a follow up to a number of palliatives measures devised by the FIRS to cushion the effects of the COVID-19 pandemic on the Nigerian economy in order to support tax-paying individuals and business entities in the country.

According to Nami, the latest extension applies to “Tax Audit, Tax Investigation and Desk review assessments, Approved instalment payment plans under Voluntary Assets and Income Declaration Scheme (VAIDS) yet to be fully liquidated.”

“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 added.

He, however, advised all concerned individuals and businesses to contact their respective “Tax Controller or the nearest FIRS Regional Debt Management Office in case of further enquiries”, stressing that “a list of all our offices is available on our website: www.firs.gov.ng”.