The Federal Inland Revenue Service (FIRS) has announced the 31st of December, 2020 as it’s deadline for the recovery of outstanding taxes after which penalties and interests will follow.
Executive Chairman of the FIRS, Muhammad Nami, explained in a signed statement that the service had disbursed series of palliatives for waivers of penalties and interest on outstanding taxes but certain taxpayers are yet to take advantage of the opportunity provided to reduce the effect of economic challenges they currently face.
“After the expiration date of December 31, 2020, the service shall recover all outstanding debt with penalties and interest, in accordance with the provisions of the extant tax laws such as “the power of substitution” conferred on it by Section 31 of the Federal Inland Revenue Service (Establishment) Act 2007″
“The service has issued a series of palliatives for the waivers of penalties and interest on outstanding taxes arising from desk examinations, audit exercises, investigations or all other forms of tax assessment”
“However, the service has observed that some taxpayers are yet to take advantage of the palliative windows opened to cushion the effect of the challenges of the economy on taxpayers,” the statement said.