THUR, FEB 20 2020-theG&BJournal- The Federal Inland Revenue Service (FIRS) have sent out a strong message to taxpayers who have ‘’slipped into wilful or inadvertent dormancy’’ to resume their payment of relevant federal taxes to avoid paying the steep penalties for tax default contained in the 2019 Finance Act.
The Chairman of FIRS Mr Muhammad Nami, sent out the advice in Lagos Thursday as he concluded his public enlightenment and sensitization tour of the South West.
‘’Under the 2019 Finance Act, penalty for default in tax payment has been increased from N20,000 in some cases to as high as N50,000 in the first instance and N25,000 subsequently if you continue to default on paying your tax’’ Nami said.
He noted that taxpayers who file their returns three months before due date will get the benefit of early payment and prompt action by receiving a 2% reduction on the amount payable and urged all taxpayers across the country to clear their backlog of tax payments immediately to avoid sanctions from the FIRS.
The FIRS boss who also included a tour of the service’s offices in Apapa, Eric Moore, Iponri and Awolowo Road, Ikoyi as part of his Thursday’s itinerary urged the staff to double their effort to meet and surpass the N8.5 trillion revenue target set for the FIRS recently by President Muhammadu Buhari-led administration.
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