Extension of Deadline on Penalty and Interest Waiver

Extension of Deadline on Penalty and Interest Waiver

The Federal Inland Revenue Service (FIRS) has extended the deadline on the waiver of penalty and interest for taxpayers as part of its series of palliative measures to cushion the effects of COVID-19 on businesses and the economy in general.

Recall that on April 30, 2020, FIRS had issued a public notice to tax debtors and granted a waiver of penalty and interest, provided that they pay in full by May 31, 2020. This write-up is an update on the issue, to the effect that, it has granted a further extension to tax defaulters to liquidate their outstanding tax liabilities by June 30, 2020, in order to enjoy waiver of accumulated penalties and interests.

This affects taxpayers with outstanding tax liabilities arising from self-assessment filing; tax audit, tax investigation and desk review assessments and those approved for installment payments underVAIDS who are still in default.

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