FIRS realises N27 billion from penalty waivers

The Federal Inland Revenue Service (FIRS) has disclosed that it realised N27 billion from the penalty wavers for tax defaulters’ exercise it concluded in December 2016. The chairman of the service, Babatunde Fowler, disclosed this at the opening ceremony of the FIRS/journalism.com media training series on accurate reporting of taxation, holding in Lagos.

It is part of the efforts of the FIRS to provide voluntary compliance and shield taxpayers from the burden of carrying forward old tax liabilities arising from penalty and interest.

The service had invited principal officers, especially chairmen, managing directors, chief executive officers, executive and non-executive directors, chief financial officers and company owners or their representatives to take advantage of a special window to avoid payment of penalty and interest on tax between 2013-2015.