FG raises unpaid tax interest rate to 5% over MPR

The Federal Government has fixed interest rate on unpaid taxes at 5 per cent above the Central Bank of Nigeria’s, CBN, Monetary Policy Rate, MPR, for 2017. CBN’s current MPR is at 14 per cent. The new interest rate, which was announced by Minister of Finance, Mrs. Kemi Adeosun, Monday 22nd May 2017, in Abuja takes effect from July 1, 2017.

It is no longer business as usual, companies and business enterprises must understand that there are financial consequences for late payments.

This is no time to throw money away on interest charges. Take advantage of the window available before its implementation and regularize your tax liabilities.

Let us help you put this issue in perspective, contact us directly through the contact page of this website.

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