As part measures to provide relief for companies and businesses that suffered disruption during the #EndSARS protests, the Federal Inland Revenue Service (FIRS) has declared that it will grant additional tax palliatives to Nigerians.
The FIRS also expressed optimism about speedy recovery of the affected businesses and Nigerian economy in general.
The service explained further that the palliatives earlier granted to companies are still in place. They include extension of the filing and payment deadline for Withholding Tax and Value Added Tax returns from 21st day of the month to the last day of the month.
The FIRS disclosed this in a statement via its official Twitter handle.
The statement read in part: “The FIRS hereby provides additional window of penalty and interest waiver for businesses that pay up in full, the principal portion of their outstanding liabilities between now and 31st December, 2020.
“Such outstanding arrears could have resulted from Self- Assessments and; Government Assessments arising from desk audit, field audit or investigation.
“This is in addition to the following palliative measures earlier introduced which are still in place: Extension of monthly WHT and VAT Returns filing to end of month.
“For taxpayers who earn their revenue in Naira 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.
“We’re hopeful of speedy recovery of businesses affected and indeed our economy in general. Enquires on above subject can be sent to Office of the Special Assistant to the Executive Chairman on Technical Matters, Room 423, Revenue House, 15 Sokode Crescent, Wuse Zone 5, Abuja.”
Here is the tweet:
EndSARS: More Tax Palliatives to Cushion Negative Impacts— FIRS Nigeria (@firsNigeria) November 6, 2020
FIRS is not unaware of negative impacts of recent EndSARS protests on businesses across Nigeria. The Service has given more Tax Palliatives in line with Government's efforts towards assisting businesses in difficult times pic.twitter.com/HxwOK8boAU