ENDSARS: Nigeria’s tax authority Offers Tax Waiver to cushion impacts

 

ENDSARS: Nigeria’s tax authority Offers Tax Waiver to cushion impacts

Nigeria’s apex tax authority, the Federal Inland Revenue Service (FIRS) has given a fresh set of tax palliatives to cushion the effect of the recent destruction of business prospects in Nigeria.

Anti-Police brutality protest, codenamed ENDSARS, SARS for Special Anti-Robbery Squad— erupted in parts of the West African country about a month ago and culminated in destruction of lives and property especially in Lagos, Abuja and Port Harcourt.

SARS had been accused of molestation and killng of citizens on mere crime suspicion.

In response to the economic implication of the protest, the FIRS through its Twitter handle @FIRSNigeria on Friday said it was not unaware of the grave implication of the protest on businesses in Nigeria, hence, a tax waiver:

 

“The Federal Inland Revenue Service (FIRS) hereby identifies with businesses that suffered one form of loss or the other occasioned by the recent EndSARS PROTESTS that erupted in certain parts of the nation.

The attendant disruption to businesses and indeed destruction of property is coming when the economy is just struggling to recover from the harmful effects of COVID- 19.

In view of the above, and as part of its on-going initiatives of assistance to businesses at this difficult time, FIRS hereby provides additional window of penalty and interest waiver for businesses that pay up in full, the principal portion of their outstanding liabilities between now and 31^st December, 2020.

Such outstanding arrears could have resulted from:

1. Self- Assessments and;
2. Government Assessments arising from desk audit, field audit or investigation.

This is in addition to the following palliative measures earlier introduced which are still in place:

1. Extension of monthly WHT and VAT Returns filing to end of month.
2. For taxpayers who earn their revenue in Naira and are facing challenges in sourcing for FOREX to offset their tax liabilities, the option of paying in Naira at the prevailing Investors & Exporters (I & E) FOREX window rate on the day of payment.

We are hopeful of speedy recovery for businesses affected and indeed our economy in general.

All enquires on the above subject can be directed to the office of the Special Assistant to the Executive Chairman on Technical Matters, Room 423, Revenue House, 15 Sokode Crescent, Wuse Zone 5, Abuja”, the Notice signed by FIRS Executive Chairman, Muhammad Nami said.