• Friday, March 01, 2024
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LIRS calls for quick submission of annual tax returns as deadline approaches

LIRS

The Lagos State Internal Revenue Service (LIRS) has issued a reminder to all employers of labour regarding January 31, 2024, deadline for the submission of annual tax returns.

In a press release, signed by Monsurat Amasa-Oyelude, Head, Corporate Communications, LIRS, and made available to BusinessDay on Sunday, Ayodele Subair, the Executive Chairman of LIRS, emphasised the importance of complying with the stipulated deadline of January 31, 2024, of which “failure to comply will result in penalties and other statutory sanctions outlined in Section 81(3) of the Personal Income Tax (Amendment) Act 2011.”

Subair underscored that businesses within Lagos State must utilise the LIRS e-Tax portal (https://etax.lirs.net) for filing annual income tax returns, as manual filing is no longer permissible.

He highlighted the user-friendly, convenient, and secure nature of the e-Tax portal, encouraging employers to take advantage of this platform.

“The e-Tax portal is designed for the convenience of taxpayers, making tax transactions easily accessible from the comfort of homes and offices,” stated Subair.

He emphasised the mandatory requirement of the taxpayer ID for all employers filing their annual income tax returns on the e-Tax portal.

Employers were advised to generate a taxpayer ID for their employees (where applicable) and submit their P.A.Y.E. returns through the e-Tax portal. Failure to comply with these regulations may lead to the consequences outlined in the tax legislation.