FIRS offers 45-day special window to tax offenders of 3yrs

ITRealms:

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 
ITREALMS ... everything news digitally! Short URLs: goo.gl, mcaf.ee, cli.gs