In an effort to cushion the negative impacts aftermath of the End SARS protest and coronavirus pandemic, the Federal Inland Revenue Service, FIRS, has announce additional tax palliatives for businesses
This was disclosed in a statement titled “RECENT BUSINESS DISRUPTIONS – FURTHER TAX PALLIATIVES” released few minutes ago on the agency’s official twitter page.
FIRS has provided an additional window of penalty and interest waiver for businesses that pay up in full, the principal portion of their outstanding liabilities between now and 31st December, 2020.
These outstanding liabilities, as stated in the release, could have resulted from self- assessments and government assessments arising from desk audit, field audit or investigation.
The agency earlier extended the monthly WHT and VAT returns filing to end of November.
Further more, for taxpayers who earn their revenue in Naira and are facing challenges in sourcing for FOREX to offset their tax liabilities, the service provided the option of paying in Naira at prevailing Investors & Exporters (I & E) FOREX window rate on the day of payment.