FIRS Offers 3-Year Tax Amnesty

Babatunde Fowler, Executive Chairman of the FIRS
Babatunde Fowler, Executive Chairman of the FIRS

The Federal Inland Revenue Service has offered a tax waiver for defaulting institutions and establishments for taxes accruable between 2013 and 2015.

According to a public notice released by the revenue generating agency, the initiative was part of efforts to promote voluntary tax compliance and to shield tax payers from the burden of carrying forward old tax liabilities arising from penalties and interests.

The FIRS, however, added that there are some conditions that must be met by defaulting institutions before they could benefit from the tax-waiver exercise which will last for 45 days.

Such defaulting taxpayers must “come forward to declare their indebtedness within the 45-day window”, and must “present a payment plan on the outstanding principal tax liability acceptable to the federal board of inland revenue.”






     

     

    The revenue agency pointed out that “this waiver relates ONLY to accumulated penalty and interest and not principal tax due.”

    It added that based on the waiver, “part payment/full payment of undisputed tax liabilities should be paid, while the balance can be paid in installments, with “a reasonable amount of not less than 25%” to be paid on account.

    The FIRS warned tax defaulters to take advantage of the special tax amnesty “failing which all legal means at the disposal of the FIRS will be deployed, including criminal prosecution of Board and management of defaulting organizations.

    The special tax-waiver window will commence on October 5 and end November 24, 2016.

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