Sequel to the prior announcement by Federal Inland Revenue Service (FIRS) of the waiver of interest and penalties on outstanding tax liabilities and debts, as a relief measure in response to the coronavirus (COVID 19) Pandemic, The FIRS on July 8 2020 announced a further extension of the deadline of the waiver of interest and penalties from 30th June, 2020 to 31st August, 2020.
The FIRS has explicitly stated that this waiver applies to debts arising from Tax Audit, Tax Investigations, Desk review assessments as well as approved installment payment plans under Voluntary Assets and Income Declaration Scheme (VAIDS).
The deadline for this palliative had initially been extended from 31st May 2020 to 30th June 2020 and according to the FIRS, there would be no further extension of this palliative measure hence the need for defaulting Tax payers to ensure that they take advantage of this opportunity to settle their outstanding Tax Liabilities on or before 31st August 2020 so as to benefit from the waivers of accumulated penalties and interests.