“File your annual tax returns for the year 2021 assessment”, This is the passionate appeal coming from the Lagos State Internal Revenue Service, LIRS to all taxable persons in Lagos state.
Taxmobile.Online learnt from a statement released yesterday, Thursday 18th March 2021, signed by the Head, Corporate Communications, Monsurat Amasa that this appeal is in line with the provision of which is in line with the of Section 41 of the Personal Income Tax Act LFN 2004 as amended. The crux of this law is to allow for the voluntary filing of yearly returns.
The statement further reiterates that the individual tax returns were to be filed by the provisions of the tax law, section 41 (1) (3).
The ‘new normal’
Given the safety protocols in Lagos State necessitated by the COVID-19 pandemic, LIRS also appealed to all individual taxpayers residing in Lagos State to prepare and submit their Personal Income Tax returns via the electronic filing system module of the eTax platform, introduced to make the filing process seamless and timely.
See below the statement released on Thursday 18th March 2021 signed by Monsurat Amasa, titled ‘LIRS charges all taxable residents of Lagos State to voluntarily file their returns for the 2021 year of assessment’
“For each year of assessment, a taxable person shall without notice or demand file a return of income in the prescribed form containing the required information with the tax authority of the state in which the taxable person is deemed to be a resident together with a true and correct statement in writing containing:
“A taxable person shall file with the relevant tax authority the returns as stipulated in this section within 90 days from the commencement of every year of Assessment (31st March).”
According to the Executive Chairman, LIRS, Mr Ayodele Subair,
“The statutory deadline to file Individual Tax Return is March 31, 2021 and is just two weeks away.
“Therefore, I urge all taxable residents in Lagos State to comply with the tax laws and file on time, to avoid penalties and interests which may accrue against defaulters.”
The Lagos State Government through its Commissioner for Economic Planning and Budget, Sam Egube had earlier in the year revealed that apart from the ₦512n to be generated by LIRS, additional sources of funding the budget will be borrowing which would be sourced through the capital market (₦100billion); External through bonds (₦50billion); and internal sources (₦40billion) all of which would be deployed into capital expenditure only.