In a bid to provide succor and support to businesses affected by the violent demonstrations, the Federal Inland Revenue Service (FIRS) has disclosed that it is set to grant more tax palliatives to Nigerians to cushion the ensuing negative impacts.
This was disclosed by the FIRS, through its official Twitter handle.
EndSARS: More Tax Palliatives to Cushion Negative Impacts
FIRS is not unaware of negative impacts of recent EndSARS protests on businesses across Nigeria. The Service has given more Tax Palliatives in line with Government's efforts towards assisting businesses in difficult times pic.twitter.com/HxwOK8boAU
— FIRS Nigeria (@firsNigeria) November 6, 2020
What you should know
The tax palliative will come in form of the provision of an additional window of penalty, and interest waivers for businesses that pay up in full, the principal portion of their outstanding liabilities between now and 31st December, 2020. Such outstanding arrears could have resulted from:
- Self assessments, or
- Government assessments arising from desk audit, field audit or investigation.
This recent announcement is in addition to earlier measures instituted by FIRS such as:
- Extension of monthly WHT and VAT Returns filing to end of month.
- The option of paying in Naira at the prevailing Investors & Exporters (I & E) FOREX window rate on the day of payment. This is for taxpayers who earn their revenue in Naira and are facing challenges in sourcing for FOREX to offset their tax liabilities.
Why it matters
The recent announcement by the FIRS is geared towards resuscitating businesses affected by the arson, looting and vandalism which ensued from the violent protests.
This gesture should help to resuscitate economy.