FIRS Tax Penalties and Interest: Implications for Late Filers and Non-Compliance.

Introduction: Tax compliance is not only a legal obligation but also a crucial element of maintaining a responsible and transparent business environment. The Federal Inland Revenue Service (FIRS) in Nigeria ensures tax compliance by implementing penalties and charging interest for late filers and businesses engaged in non-compliance. In this article, we will delve into the implications of FIRS tax penalties and interest, highlighting the importance of timely filing and adherence to tax regulations. Understanding FIRS Tax Penalties and Interest: Implications for Late Filers and Non-Compliance: Mitigating Penalties and Interest: Conclusion: FIRS tax penalties and interest serve as a mechanism to encourage timely tax compliance and responsible business conduct. Late filers and non-compliance not only face financial repercussions but also risk damaging their reputation and facing legal consequences. By taking proactive steps, seeking professional guidance, and fostering a culture of compliance, businesses can not only avoid penalties and interest but also contribute to a responsible and thriving business environment in Nigeria. For professional advice on Accountancy, Transfer Pricing, Tax, Assurance, Outsourcing, online accounting support, Company Registration, and CAC matters, please contact Sunmola David & CO (Chartered Accountants & Tax Practitioners) at Lagos, Ogun state Nigeria offices, www.sunmoladavid.com . You can also reach us via WhatsApp at +2348038460036.