The Federal Inland Revenue Service (FIRS) has declared a partial tax amnesty commencing from today 5 October 2016. The amnesty will run for the next 45 days and will cover full waiver of penalty and interest on tax liabilities for 2013 to 2015.
To take advantage of the window, a taxpayer is required to apply to the FIRS and must commit to an immediate payment of at least 25% of the tax due while the balance may be paid subsequently in instalments.
It is not clear whether the period referred to is accounting or tax years and whether taxpayers who are already undergoing audit for the specified period can opt in. In addition, taxpayers will be keen to know what will happen in case they have exposures for periods before 2013 given that the statute of limitation, where applicable, is up to 6 years.
Download a copy of the notice here.
On an unrelated note, the FIRS has says taxpayers can now file their tax returns at any tax office closest to them. Copy of notice also uploaded here for your reference.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.