‘File your tax returns before January 31 deadline to avoid sanctions,’ LIRS warns companies

The Lagos State Internal Revenue Service (LIRS) has urged companies and employers of labour to file their annual tax returns to avoid a clash with the law as January 31, 2024, deadline nears.

A statement on Sunday signed by Monsurat Amasa-Oyelude, head, corporate communications, LIRS, Ayodele Subair, chairman of LIRS, emphasised the importance of complying with the stipulated deadline of January 31, saying “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.