By Sahabi Abdul
Nigeria’s Federal Inland Revenue Service said all tax debts and penalties resulting from audits, investigations and other assessments, must be paid by the last day of this month.
While it has issued “a series of palliatives” in recent months, including waivers on interests and penalties, many people were yet to take advantage of these measures, according to a statement on the tax agency’s website.
“The Service wishes to put all taxpayers on notice that the last window of opportunity for the waiver of outstanding penalties and interest on all taxes collectible by the Federal Inland Revenue Service shall close on 31st December 2020,” Muhammad Nami, FIRS chairman, was quoted as saying in the statement.
“Consequently, all concerned taxpayers are hereby put on notice that after the expiration date, the Service shall recover all outstanding debt with penalties and interest.”
Faced with dwindling income from crude oil exports since 2015, President Muhammadu Buhari’s government has redoubled efforts at increasing tax revenue, with Nigeria said to be among the countries with the lowest tax-to-GDP ratios of less than 20 percent, and, therefore, with even more scope to grow.