Federal Inland Revenue Service (FIRS) – Extension of Tax Debt Payments

The Federal Inland Revenue Service (FIRS) by a notice issued on 8th July 2020, further extended the closing date of its waiver of penalty and interest window on tax debts owed by individuals and businesses from 30th June 2020 to 31st August 2020

This is as a follow up to the palliative measures earlier provided by the FIRS to cushion the effects of the COVID-19 pandemic on the Nigerian economy and to support taxpayers.

This extension applies to tax audit, tax investigation, desk review assessments, and approved installment payment plans under the Voluntary Assets and Income Declaration Scheme (VAIDS) yet to be fully liquidated.

The FIRS has stated that there will be no further extension of this palliative measure; therefore, tax debtors are advised to liquidate their outstanding tax liabilities on or before 31st August 2020, in order to enjoy the waiver of accumulated penalties and interests. Individuals and businesses should contact their respective tax controllers or the nearest FIRS Regional Debt Management Office for further enquiries.