The Lagos State Internal Revenue Service (LIRS) has issued a vital notification, urging individual taxpayers, including self-employed individuals and those under the PAYE scheme, to submit their Annual Tax Returns by March 31, 2024.
Mr Ayodele Subair, Executive Chairman of LIRS, emphasized the importance of compliance with the Personal Income Tax Amendment Act Cap P8 2011. According to Section 41 of the Amendment Act, taxable entities are obligated to submit their returns within 90 days of the new assessment year.
Failure to meet the deadline may lead to penalties and statutory consequences. To ensure a smooth process, taxpayers are encouraged to utilize the LIRS eTax portal exclusively for submitting their tax returns.
All taxable entities within Lagos State are required to register on the eTax portal for both convenience and enhanced security.
To assist with online registration and submission of tax returns, dedicated tax officers are available at various tax stations.
