COVID-19: FIRS Offers Concessions to Tax Payers

The Federal Inland Revenue Service (FIRS) has announced that it is granting concessions to taxpayers in Nigeria. The agency says it is doing this to alleviate the impact of the COVID-19 pandemic on individuals and businesses in the country.                 

The concessions are a part of a broader set of actions being taken by the FIRS in response to the current disruption of economic activity in Nigeria caused by the coronavirus. These measures are aimed at ensuring that the agency continues to serve the public even in places where lockdowns have been enforced.

Read more about Covid-19

According to the tax body, taxpayers will be offered these concessions:

• An extension to the deadline for filing VAT and withholding tax from the 21st to the last working day of the month following the month that the filing covers.

• A one-month extension of the due date for filing Companies Income Tax (CIT) returns.

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• Taxpayers can now submit tax returns based on unaudited accounts. But they must also submit one based on an audited account within two months from the extended due date for filing.

According to the accounting firm PWC, these measures are built to ease the burden of paying taxes in what is a difficult time for income earners and businesses in Nigeria. It notes that these adjustments to the FIRS’s rules complement the intervention schemes of the government, such as the CBN’s fund for households and businesses, and the reduction in the price of petrol.

The FIRS is also encouraging the public to carry out their transactions with it via electronic platforms. It says that individuals and businesses can pay taxes, file tax returns, and apply for Tax Clearance Certificates through electronic channels.

The tax body has also urged taxpayers and other stakeholders to communicate with it via email or through its contact center lines.

Featured Image Source: Business Day

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ikenna-nwachukwu

Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.

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