LIRS Gives Employers 19 Days To File Annual Tax Returns

The Lagos State Internal Revenue Service (LIRS) has urged all employers in Lagos State to fulfil their statutory obligation to file annual tax returns for the 2024 financial year on or before January 31, 2025.

In an official statement, LIRS’s Executive Chairman, Dr Ayodele Subair, said the requirement aligns with the Personal Income Tax Act (PITA) Cap P8 LFN 2004 (as amended).

Subair emphasised that meeting the ultimatum is a legal obligation and warned that failure to comply will result in statutory sanctions, including penalties, as prescribed by law.

He said, ‘’Section 81 of PITA mandates employers to submit comprehensive annual returns detailing all emoluments paid to employees, including taxes deducted and remitted to relevant tax authorities. These returns must be filed no later than January 31 each year and cover the income and taxes paid during the preceding year (2024).

“Employers must prioritise the timely filing of their annual income tax returns to avoid penalties. Submitting returns on or before the deadline ensures compliance with the law and supports accurate revenue tracking, essential for Lagos State’s fiscal planning and sustainability.”

RELATED

JUST-IN: Abducted Bayelsa Judge Regains Freedom

4 hours ago

Dantata Lived A Life Of Impact — Tinubu

5 hours ago

He explained that LIRS has transitioned to a fully digital filing system to simplify the process. Employers must file annual tax returns exclusively through the LIRS e-Tax portal, and manual submissions are no longer accepted.

Subair described the e-tax platform as secure, user-friendly, and designed to provide employers with a convenient way to manage their tax obligations.

“Employers are reminded to include the Payer ID of all employees in their returns. Employees without a Taxpayer ID are advised to generate one immediately on the e-Tax platform to prevent disruptions during the filing process.

“To assist employers, LIRS has deployed staff across its offices to guide them on using the e-Tax portal and addressing related concerns. Employers are encouraged to act promptly to meet the deadline and ensure compliance with tax laws,” he said.