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Business Finance Info & Updates

FIRS extends tax debt payments to August 31

Reprieve has come for tax debtors as the Federal Inland Revenue Service (FIRS) has further extended the deadline on waiver of penalty and interest window on tax debts owed by individuals and businesses from June 30, 2020 to August 31, 2020.

Executive Chairman, FIRS, Mr. Muhammad Nami, disclosed the latest extension in a statement issued on Wednesday by the Director, Communications and Liaison Department at FIRS, Abdullahi Ismaila Ahmad.

Nami stated the extension was a follow -up to a number of palliatives devised by the Service to cushion the effects of the COVID-19 pandemic on the Nigerian economy in order to support tax-paying individuals and business entities in the country.

According to Nami, the latest extension applies to “Tax Audit, Tax Investigation and Desk review assessments, Approved instalment payment plans under Voluntary Assets and Income Declaration Scheme (VAIDS) yet to be fully liquidated.”

He added: “Taxpayers are advised to note that there will be no further extension of this palliative measure.” …Sunnews

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