FIRS Puts Taxpayers on Notice on the Recovery of Outstanding Taxes

Thursday, December 03, 2020 / 01:27 PM / by FIRS / Header Image Credit: Independent Newspapers

The Service, in recent times, has issued a series of palliatives for the waivers of penalties and interest on outstanding taxes arising from desk examinations, audit exercises, investigations or all other forms of tax assessment.

However, the Service has observed that some taxpayers are yet to take advantage of the palliative windows opened to cushion the effect of the challenges of the economy on taxpayers.

Furthermore, the Service wishes to put all taxpayers on notice that the last window of opportunity for the waiver of outstanding penalties and interest on all taxes collectible by the Federal Inland Revenue Service shall close on 31st December 2020.

Consequently, all concerned taxpayers are hereby put on notice that after the expiration date of 31st December 2020, the Service shall recover all outstanding debt with penalties and interest, in accordance with the provisions of the extant tax laws such as "the power of substitution" conferred on it by Section 31 of the Federal Inland Revenue Service (Establishment) Act 2007.

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