The Federal Inland Revenue Service (FIRS) yesterday said it has granted a waiver of penalty and interest on tax liabilities to all firms between 2013 and 2015. Its Chairman, Babatunde Fowler, in a public notice, said the waiver only relates to accumulated penalty and interest but not principal tax due.
Fowler said a 45-day window has been opened by the Service to enable affected firms to declare their indebtedness and present a payment plan on the outstanding principal tax liability, only acceptable to the Federal Board of Inland Revenue.
The notice read: “The FIRS in exercise of its powers under section 85 (3) of the companies income tax act CAP C21 LFN 2007 (as amended) (and replicated in section 32 (3) of the Federal Inland Revenue Service Establishment Act (FIRSEA 2007) hereby invites all principal officers, especially chairmen, managing directors, chief executive officers, executive and non-executive directors, chief financial officers and all company owners or their representatives, to take advantage of a special window to avoid payment of penalty and interest on tax due between 2013-2015. Read more