The law establishing the FIRS, the Federal Inland Revenue Service (Establishment) Act, prescribes interest rate for late or non payment of tax at CBN Monetary Policy Rate (MPR) plus a spread (additional rate) to be announced by the Finance Minister. Although the minister is yet to announce any spread, the FIRS issued a public notice in September 2014 stating that tax default interest rate for 2014 was 15% at a time when MPR was 12%. The CBN subsequently increased the MPR from 12% to 13% in November 2014.
FIRS has now issued a notice to confirm that interest rate for tax purposes will remain at 15% for 2015.
See a copy of the notice below.
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.