(3 minutes read)
· Nigerian businesses get a windfall as tax incentives to cushion the severe impact some businesses have suffered during the # EndSARS agitation, a country wide agitation
· The Federal Inland Revenue Service (FIRS) has disclosed that it would grant additional tax palliatives to Nigerians
· The waiver is to provide some relief to businesses that have suffered disruptions as a result of the recent protests across the country, in addition to disruptions caused by the COVID-19 Pandemic
Nigerian businesses get a windfall as tax incentives to cushion the severe impact some businesses have suffered during the # EndSARS agitation, a country wide agitation. The Federal Inland Revenue Service (FIRS) has disclosed that it would grant additional tax palliatives to Nigerians.
The move will provide relief for companies and businesses that suffered disruption during the protests. This waiver can be availed by taxpayers to settle their outstanding tax liabilities (principal amount) on or before 31 December 2020.
The waiver is to provide some relief to businesses that have suffered disruptions as a result of the recent protests across the country, in addition to disruptions caused by the COVID-19 Pandemic. The incentives earlier granted to companies are still in place, according to FIR’s notification. These sops include extension of the filing and payment deadline for Withholding Tax and Value Added Tax returns from 21st day of the month to the last day of the month.
The other concession granted by FIRS is related to taxpayers, who earn revenue in Nigerian Naira but are facing challenges in obtaining foreign exchange (Forex) for use in offsetting their tax liabilities. Such people can pay their outstanding tax liabilities in Naira at the prevailing Investors and Exporters (I&E) Forex window rate on the day of payment.
