LIRS restates January 31 deadline for annual tax returns

Lagos State Internal Revenue Service (LIRS) has insisted that all employers of labour should file their company tax returns on or before January 31, 2021, to avoid being penalized by the tax authorities.

The state tax agency noted that its e-Tax platform, launched in October 2019 allows taxpayers to comply with all Covid-19 protocols, by filing their tax returns from the comfort of their offices or homes.

According to the agency, the annual tax returns, which show each employee’s emoluments and tax paid in the year 2020, are to be filed through LIRS online portals as the manual filing is no longer acceptable.

Executive Chairman, Lagos Internal Revenue Service (LIRS), Ayodele Subair, noted that in the face of the prevailing realities of Covid-19 pandemic and its effects on businesses, penalties and fines may be an additional burden on companies’ finances.

The LIRS boss urged all employers of labour to file their returns within the statutory stipulated period noting that the essence of the ongoing media campaign and numerous media appeals to companies on this statutory obligation are to ensure the returns are filed early, to avoid sacrifices.

The LIRS then urged all Lagos residents and businesses to stay safe and obey all Covid-19 protocols and guidelines as stipulated by both the Federal and Lagos State Government.