Nigeria’s Federal Inland Revenue Service recently published a noticed setting the penalty and interest rates for unpaid taxes for tax year 2014. The late payment fixed penalty remains at 10% of the tax due, while the interest penalty is set to 15%.
Prior to the notice, the interest rate for late tax payment was based on the monetary policy rate (MPR) of the Central bank of Nigeria (CBN), plus a spread to be determined by the Minister of Finance. For outstanding taxes denominated in a foreig…