COVID-19: FIRS announces waivers
The Federal Inland Revenue Service (FIRS) earlier issued a Public Notice on 30 April 2020 announcing its decision to waive interest and penalties on outstanding tax liabilities arising from desk reviews, tax audits and investigations. In order to be eligible for the relief, the Service stated that the affected taxpayers must settle their outstanding tax debts in full by 31 May 2020.
However, one month down the line, the Service assessed that the deadline of 31 May 2020 to make full payment of outstanding tax debts appeared challenging as most businesses are currently experiencing loss of revenue and cashflow constraints due to the persistent effect of COVID-19 pandemic.
Consequently, the Federal Inland Revenue Service (FIRS) on 2 June 2020, extended the deadline for waiver of penalty and interest (P&I) on outstanding tax liabilities arising from desk reviews, tax audits and investigation to Tuesday, 30 June 2020.
The announcement follows the Service’s earlier palliative measures and those of other agencies of the Federal Government to mitigate the impact of the Coronavirus (COVID-19) pandemic on taxpayers.
