Monday, November 09, 2020
/ 02:00 PM / by Deloitte / Header Picture Credit score: FIRS

 

Following the disruption to companies which adopted the latest protest
throughout Nigeria, the Federal Inland Income Service (FIRS) has issued a public
discover (the Discover) granting a further window for acquiring a waiver of
curiosity and penalty on excellent tax liabilities ensuing from tax desk
critiques, audit and/or investigations and self-assessments from 4 November
to 31 December 2020. This waiver solely applies the place taxpayers settle their
excellent tax liabilities (principal quantity) on or earlier than 31 December
2020.

 

In accordance with the Discover, the extra window granted for acquiring a
waiver of curiosity and penalty on excellent tax liabilities is important to
present some aid to companies which have suffered disruptions on account of
the latest protest throughout the nation, along with disruptions attributable to the
COVID-19 Pandemic.

The FIRS additionally reiterated that the next palliatives earlier granted
to corporations are nonetheless in place:

  1. Extension of the
    submitting and cost deadline for Withholding Tax and Worth Added Tax returns
    from 21
    st day of the month to the final day of the month.
  2.  Taxpayers who earn income in Nigerian Naira (Naira) however are going through
    challenges in acquiring overseas alternate (Foreign exchange) to be used in offsetting their
    tax liabilities will pay their excellent tax liabilities in Naira on the
    prevailing Traders and Exporters (I&E) Foreign exchange window price on the day of
    cost.

 

The palliatives launched by FIRS is a welcome growth for
taxpayers because it demonstrates FIRS’ sensitivity to the disruptions skilled
by companies. Taxpayers are inspired to benefit from this window of
alternative to plan their tax affairs accordingly.

Proshare Nigeria Pvt. Ltd.

Associated Information

1.      Another TAT Declares Commercial Rent Liable to VAT

2.     
Compendium of COVID-19 Tax Measures in Nigeria

3.     
Common Reporting Standard and Compliance Obligations
for Nigerian Financial Institutions

4.     
FHC Nullifies the Schedule to the Taxes and Levies
Act (Amendment) Order, 2015

5.     
Guide to Income Tax Regulations, 2019 for the
Automatic Exchange of Financial Account Information

6.     
CITN Introduces The Use of Personalised Stamps for
Filing of Tax Returns and Correspondences

7.     
Tax Appeal Tribunal Delivers Conflicting Decisions on
Whether VAT is Chargeable on Property Leases

8.     
FIRS Issues Public Notice on Completion of
Self-Certification Forms By Reportable Persons

9.     
FIRS Publishes Regulations on Common Reporting
Standard

10.  
For the Records: FG Informs Accounts Holders to
Complete Self-Certification Forms

Proshare Nigeria Pvt. Ltd.

Proshare Nigeria Pvt. Ltd.





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