The Federal Inland Revenue Service (FIRS) has granted amnesty with respect to fines and interest associated with unpaid tax obligations.This was said in a statement made on Sunday in Abuja by Zacch Adedeji, the Chairman of FIRS.
According to the News Agency of Nigeria (NAN), if businesses don't pay their taxes, the Financial Institutions Regulation Board (FIRS) will punish them and charge them interest.
According to Adedeji, the action was taken in acknowledgment of the difficulties that numerous taxpayers had in fulfilling their tax duties.
He claimed it was evidence of President Bola Tinubu's dedication to helping companies.
According to him, businesses hoping to take advantage of the concession must pay down their entire outstanding initial tax liability—interest free—by December 31 at the latest.
The remission of interest is contingent upon the full payment of outstanding principal by December 31, 2023, at the latest, as advised to taxpayers.
"Please be aware that in the event that the outstanding, uncontested liability is still repaid in full or in part after the end of this special concession window, the full penalty and interest will be applied again.
"While seeking their continued support and cooperation for a more responsive and robust tax system, the Service appreciates all taxpayers who have been diligent in complying with their tax obligations as and when due," the statement read.