LIRS Issues January 31 Deadline For Annual Tax Returns

The Lagos State Internal Revenue Service has urged all employers of labour in Lagos State to file their company annual tax returns on or before the statutory deadline of January 31, 2021.

It said it was necessary to avoid penalties in line with the Personal Income Tax Act Cap P8 LFN 2011 (as amended).

Lagos said this in a statement signed by the Head, Corporate Communications, Monsurat Amasa, titled ‘LIRS urges employers of labour to file annual tax returns on or before January 31 deadline’.

The agency’s eTax platform, launched in October, 2019 gave taxpayers the opportunity to comply with all COVID-19 protocols, by filing their tax returns from the comfort of their offices or homes, it stated.

It added that all digital platforms and tax portals were available for taxpayers’ use and convenience.

The statement said, “The annual tax returns, which show each employee’s emoluments and tax paid in year 2020, are to be filed via LIRS online portals only, as manual filing is no longer acceptable.

“Tax assessments, payments and other tax administration matters can also be carried out on the same platforms.”

The Executive Chairman, LIRS, Mr Ayodele Subair, stated that in the face of the prevailing realities of the COVID-19 pandemic and its effects on businesses, penalties and fines may be an additional burden on companies’ finances, and therefore urged all employers of labour to file their returns within the period stipulated by law.