Deadline For FIRS Waiver Of Interest And Penalty On Outstanding Tax Liabilities Expires Tuesday

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Executive Chairman, FIRS, Mohammed Nami

 

By Our Reporter

The deadline for waiver of interest and penalty on outstanding tax liabilities of the Federal Inland Revenue Service (FIRS) will end on Tuesday, June 30, 2020

It will be recalled that FIRS had on June 3, 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 FIRS further explained that it had expanded the scope of the outstanding tax liabilities covered in the earlier notice to include liabilities from self-assessments and the approved instalment payment plans under the voluntary assets and income declaration scheme (VAIDS).  Taxpayers in default of the approved VAIDS instalment payment plan are encouraged to take advantage of the extension, or risk withdrawal of the waivers granted to them on approval of their VAIDS applications, such as waiver of P&I and exemption from tax audit and investigations

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