FIRS wants companies experiencing BOOM to pay them.

FIRS wants companies experiencing BOOM to pay them.

The Federal Inland Revenue Service (FIRS) says it wants companies that are experiencing “boom” in business, during this COVID-19 Pandemic, to pay their tax.

 

In an appeal signed by the Executive Chairman, Muhammad Nami, FIRS is saying companies like – “Telcos, Financial Institutions, e-Commerce, Supermarkets, manufacturers/processors of certain products,” and so on, should pay them.



He wants their annual returns earlier than the due date, saying the global shutdown is putting pressure governments, and in turn, revenue-generating agencies to bridge budget funding gaps.

 

The FIRS boss says “I wish to appeal to a section of taxpayers. whose sectors are experiencing a boom and a significant increase in income at this point in time. for a high level of cooperation in payment of their taxes.”

“Nonetheless, we wish to acknowledge that some sectors such as telcos, financial institutions, e-Commerce, supermarkets, manufacturers/ processors of certain products, etc are experiencing a boom due to increased transactions as a result of the lockdown or even despite the pandemic.”



“In view of the above, I wish to specially make an appeal to corporate bodies in the sectors mentioned above to go the extra mile at this time to cooperate with us in making special arrangements to pay their taxes.”

 

“They may consider, for instance, a situation where they can commence payment of their annual returns earlier than the due date apart from their normal monthly obligations.”

 

Some of the annual returns filed by companies include companies income tax (CIT), capital gains tax.



Taxes like value-added tax, withholding tax and pay as you earn (PAYE) are filed monthly.

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