The Federal Inland Revenue Service (FIRS) in its bid to continue to cushion the effects of the COVID-19 Pandemic on taxpayers (individuals and businesses alike), has rolled out further measures to support taxpayers in managing their tax obligations as they are impacted by the Pandemic.
The FIRS came to this decision following the decision of the Federal Government to issue a lockdown order of Lagos, Ogun States and the Federal Capital Territory respectively as a measure to contain the spread of the Pandemic.
The measures include the following:
1) Taxpayers facing challenges in sourcing for FOREX to offset their liabilities are hereby given the option of paying in Naira at the prevailing Investors & Exporters (I & E) Forex window rate on the day of payment. This will reduce the pressure on such taxpayers to obtain FOREX in these unprecedented times.
2) Late Returns Penalty has been waived for taxpayers who pay their taxes early as at when due and file later. Supporting documents can also be emailed to the dedicated email addresses or submitted later to the tax offices by those who are not able to use the email facility.
3) The Period to file Personal Income Tax returns for Foreign Affairs Personnel, Non Residents, Military and Police Personnel has been extended to the 30th June, 2020.
4) All Field Audits, Investigations and Monitoring visits have been suspended till further notice.
To see the previous measures taken by the FIRS, click on the link to our article on managing the impacts of COVID-19 below:
It is our hope that the FIRS will continue to support Nigeria’s diverse and dynamic businesses through these trying times by continuing to roll out further measures to mitigate the difficulties created by the Pandemic on taxpayers and we shall continue to track these measures and interventions and update you accordingly.
The above is for informational purposes only and does not constitute professional advice by Blackwood & Stone LP.
For more information please contact:
Blackwood & Stone LP
+234 903 3501 613