The Federal Inland Revenue Service (FIRS) has released the accepted penalty and interest rates to be applied for the year 2015 on 2nd February 2015 regarding taxes not paid within the given periods. The 15% interest rate is determined while the penalty rate remains at 10%. On the basis of the prevailing Central Bank of Nigeria, the minimum rediscount 13% interest rate is retained for 2015 plus a spread. Under section 32(1) of the FIRS (Establishment) Act, 2007, the penalty and interest forced are not considered to be part of the tax payment for claiming tax relief. They are counted as sanction.
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