Nigeria: FIRS Approves Waiver on Tax Penalties, Interests

A statement issued by the Executive Chairman of FIRS, Zack Adedeji explained that the full penalty and interest shall be reinstated after the expiration of the one-off concession window where the outstanding undisputed liability remains fully or partially unpaid.
Section 27(2) of the FIRS Act suggests that liability to pay a penalty is triggered by default to comply with a demand by the FIRS for payment of an outstanding tax and not by default to pay the tax in the first instance.

ARISENEWS: Read More