A complete waiver of penalties and interest on all outstanding tax liabilities has been approved by Nigeria's Federal Inland Revenue Service (FIRS), provided that the entire principal is paid by December 31, 2023. According to the agency, the concessions were taken into consideration in recognition of the difficulties encountered by numerous taxpayers in settling their unpaid tax obligations and in accordance with the government's pledge to assist businesses. These concessions are in accordance with Section 32 of the Federal Inland Service (Establishment) Act, LFN 2004 (as amended). According to a statement released by Zack Adedeji, the Executive Chairman of FIRS, if the outstanding uncontested liability is still repaid in full or in part at the end of the one-time concession window, the entire penalty and interest would be reintroduced. According to Section 27(2) of the FIRS Act, failure to comply with a demand made by the FIRS for payment of an unpaid tax, rather than failing...