The Federal Inland Revenue Service (FIRS) on the 4th of November, 2020 released a Public Notice introducing further Tax palliatives to cater for businesses that suffered losses as a result of the recent EndSARS protests that broke out in different parts of the nation.
In view of the fact that these businesses which sustained disruption and destruction of property were just recuperating from the harmful effects of COVID-19, the FIRS, through its Public Notice, is providing supplementary window of penalty and interest waiver for businesses that pay up in full, the principal portion of their outstanding liabilities between now and 31stDecember, 2020.
The outstanding arrears could have resulted from:
- Self-Assessments and;
- Government Assessments arising from desk audit, field audit or investigation.
The above conditions are in addition to the earlier introduced palliative measures which are still in place. They include:
- Extension of monthly WHT and VAT Returns filing to end of month.
- For taxpayers who earn their revenue in foreign currency and are facing challenges in sourcing for FOREX to offset their tax liabilities, the option of paying in Naira at the prevailing Investors & Exporters (I & E) FOREX window rate on the day of payment.
Any enquiries on the subject above can be directed to the office of the Special Assistant to the Executive Chairman on Technical Matters, Room 423, Revenue House, 15 Sokode Crescent, Wuse Zone 5, Abuja.