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.
