WYZE Copyright @2021

FIRS further extend the deadline on penalty and interest waiver by 2 months

The Federal Inland Revenue Services (FIRS) on Wednesday July 8, 2020, issued a public notice to further extend the deadline for waiver of penalty and interest arising from tax assessment to 31st August 2020.

The tax assessment under this palliative includes:

  1. Desk Review Exercise.
  2. Tax Audit and Tax Investigation
  3. Approved installment payment plans under the Voluntary Assets and Income Declaration Scheme (VAIDS) and any other such plans that are yet to be fully liquidated.

In the public notice, the federal tax authority stated that there would be no further extension after August 31, 2020.

Taxpayers who wish to take advantage of this palliative have up to August 31, 2020 to settle the principal liability to enjoy waiver of accumulated penalty and interest.