Federal Inland Revenue Service (FIRS) extends the time for tax defaulters to enjoy penalty and interest waiver by one month. To enjoy the waiver of penalties and interests, a taxpayer must liquidate the outstanding tax liabilities on or before 30 June 2020. The waiver covers tax liabilities on;
- self-assessment filing,
- tax audit, investigation, and desk review assessments, and
- approved outstanding payment in installment under VAIDS (Voluntary Assets and Income Declaration Scheme).
The additional time to claim interest and penalty waiver is a good move as the initial one month period was short. Taxpayers are therefore advised to make good use of the incentives to regularise their tax affairs.
Get the latest insights directly in your inbox