This notice is an extension of the previous notice granting a waiver on all interest accrued and penalties payable on outstanding tax debts arising as a result of desk review, tax audits and investigations if the said debt is paid in full on or before 31st of May, 2020. The timeline has been extended to the 30th of June, 2020.
In the latest notice, the waiver has been expanded to include liabilities from:
• Self-assessment fillings;
• Tax Audit, Tax investigation, and Desk review assessments; and
• Approved Installmental payment plans under VAIDS that have not been fully settled.
RESUMPTION OF FIELD AUDIT, INVESTIGATION AND MONITORING EXERCISES
The FIRS is set to resume Audits, Investigations and Monitoring Exercises, which were earlier suspended due to the Covid-19 pandemic.
The FIRS stated that the activities will resume in phases, and that field visits will commence from 30th of June, 2020.
LANGUAGE OF RECORD KEEPING BY TAXPAYERS
This notice directs companies doing business in Nigeria to maintain and report transactions for tax purposes in English Language. In issuing this directive, the FIRS made reference to Section 63 of the Companies Income Tax Act (CITA), which empowers it to notify taxpayers to keep records and accounts in a manner which the Service considers adequate for tax assessment purposes.
The above is for informational purposes only and does not constitute professional advice by Blackwood & Stone LP.
For more information please contact:
Blackwood and Stone LP
+234 903 3501 613