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Saturday, November 26, 2022

FIRS resumes Field Audit, Investigations and Monitoring Exercises

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The Federal Inland Revenue Service (FIRS) via its Public Notice has announced the resumption of all audits, investigations and monitoring exercises.

The exercises are to resume in two phases: the reconciliation of tax findings arising from desk reviews, monitoring visits and tax and investigation exercise are to resume immediately, while the field audits will begin effective Tuesday, 30 June 2020.

The FIRS also commended taxpayers who have filed returns and paid their tax liabilities during this COVID-19 pandemic.

The FIRS had earlier communicated an indefinite suspension of all field audit, investigations and monitoring exercises.

Analysts say the immediate resumption of the reconciliation exercises will facilitate prompt closure of ongoing tax disputes and allow taxpayers to take advantage of the extended waiver of interest and penalty window.

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