FIRS Grants Additional Tax Waiver To Cushion #EndSARS Impact On Businesses

Nigerian businesses have been granted additional tax waiver to mitigate the impact of losses resulting from the #EndSARS protest, the Federal Inland Revenue Service has said.

The response by the apex tax authority follows massive disruption of business activities, including destructions and massive looting which erupted after protesters were shot by soldiers at the Lekki toll gate.

The tax authority said that it identifies with businesses that suffered one form of loss or the other occasioned by the recent #EndSARS protest.

The protest comes amidst a struggling economy hit by the impact of the pandemic.

The economy contracted 6.1 per cent in the first quarter due to the health crisis.

The FIRS said, “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 December, 2020. “

The FIRS said the outstanding arrears could have resulted from, ” Self-Assessments and Government Assessments arising from desk audit, field audit or investigation. “

The tax authority noted it was in addition to the palliative measures earlier introduced which are still In place.

The FIRS had approved the extension of monthly Withholding Tax and Value Added Tax Returns filing to end of the month.

Also the Service had granted taxpayers who earn their revenue in Naira and are facing challenges in sourcing for foreign exchange to offset their tax liabilities, the option of paying in Naira at the prevailing Investors and Exporters foreign exchange window rate on the day of payment.

It expressed further hope for a speedy recovery for businesses affected by the economic downturn.