The Federal Inland Revenue
Service (FIRS) has offered 45-day special window to corporate organisations to
settle their tax indebtedness from 2013
to 2015, reports ITRealms.
A public notice endorsed by
the Executive Chairman of FIRS, Mr. Tunde Fowler, and made available to ITRealms,
informed this waiver of penalty and interest on tax liabilities within the
period under review.
Fowler also said the waiver
is to promote voluntary compliance and shield taxpayers from the burden of
carrying forward old tax liabiltieis arising from penalty and interest, hence FIRS
in exercise of its powers under Section 85 (3) of the Companies Income Tax Act
CAP C21 LFN 2007 as amended and replicated in Section 32 (3) of the Federal
Inland Revenue Service Establishment Act (FIRSEA 2007).
“… Hereby invites all principal
officers, especially chairman, managing directors, chief executive officers,
executive and non-executive directors, chief financial officers and all company
owners or their representatives, to take advantage of a Special Window to avoid
payment of penalty and interest on tax due between 2013-2015,” Fowler said.
According to him, FIRS by
this public notice, will grant a pardon stretching back to three years, between
2013 and 2015 to all tax payers in default, provided that such defaulting tax
payers, come forward to declare their indebtedness within the 45-day window.
In addition, he said, the tax
payers are expected to present a payment plan on the outstanding principal tax liability
acceptable to the Federal Board of Inland Revenue.
“That this Special Window
will be opened for 45 days only, commencing 5th October 2016 terminating 24th
November 2016,” he said, stressing that this waiver relates only to accumulated
penalty and interest and not principal tax due.
As said by him, based on this
waiver, part payment or full payment of undisputed tax liabilities should be
paid, while the balance could be paid instalmentally, just as it is expected
that a reasonable amount of not less than 25 per cent should be paid on
account.
“By this public notice, FIRS
invites tax payers who have not been fulfilling their statutory tax
obligations, to take advantage of this special window, failing which all legal
means at the disposal of the FIRS will be deployed including criminal
prosecution of board and management of defaulting orgaanisations,” Fowler said.
Applicants, he explained, who
want to take advantage of this special window should forward their applications
to FIRS headquarters in Abuja.
Chuks Egbune/GEE
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