LIRS Gives Deadline for Filling of Annual Tax Returns by Employers

• The Lagos State Revenue Service has given January ending a deadline for companies operating in the state to file their annual returns
• The state said it is acting in compliance with the law setting up taxes in Nigeria for companies to file Personal Income Tax
• The state revenue service released a portal on which employers of labour should use in filing their returns

The Lagos State Internal Revenue Service (LIRS) said that companies operating in the state have been given January deadline to file annual returns.

In a release issued on Tuesday, the revenue body said it is acting based on Section 81 (2) of the Personal Income Tax Act (PITA) Cap P8 LFN 2004 as amended.

Deadline issued

According to the Act, January 31st is the deadline for which penalty accrues.

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The Executive Chairman of Lagos Internal Revenue Service, Ayodele Subair asks all businesses and employers of labour who are resident in Lagos to file their annual returns on or before January 31, 2022, so as to avoid penalties.

It released a portal on which businesses are to file their returns.

The e-Tax portal is built for the convenience of taxpayers, is easy, convenient and safe. All businesses and employers of labor are advised to use the e-Tax portal to file their returns.

Taxpayer ID of all employees is compulsory for the annual income tax returns to be successfully filed on the e-Tax portal. Therefore, all employees and taxable persons within the State are advised to generate a taxpayer ID (where applicable) and file their individual annual income tax returns on the e-Tax portal.

Tax expert, urges the govt to exercise caution forcing N10 tax on soft drinks

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Legit.ng reported that Fiscal Policy Partner and Africa Tax Leasder at PricewaterhouseCoopers (PwC) Taiwo Oyedele has expressed concerns on the new N10 per litre tax law on non-alcoholic drinks.

According to him, the Federal government must be cautious in imposing taxes on manufacturers to avoid job losses.

Oyedele who spoke to Punch Newspaper argued that manufacturers are already battling with rising cost and are unable to match this their selling prices because of Nigerians low purchasing power.

Source: Legit.ng