LIRS Sets Deadline For Submission Of Tax Returns

LIRS Sets Deadline For Submission Of Tax Returns

The Lagos State Internal revenue Service (LIRS) informed residents of Lagos State to file returns of their income or face prosecution.

This message was issued by the Director of Legal Services, LIRS, Seyi Alade, on Monday in an interview.

He said, “Section 41 of Personal Income Tax Act (PITA), provides that, a taxable person shall, without notice or demand, to file a return of their income in the prescribed form and containing the prescribed information with the tax authority of their State of residence.

“This return shall contain income earned from all sources in the year preceding the year of assessment and it must be filed not later than March 31 of every year.

“This return is expected to be filed by all individuals including those who are self-employed and submit their tax returns by way of direct assessments as well as those who are in paid employment under the Pay-As-You-Earn (PAYE) scheme.

I am using this medium to encourage everyone that is yet to file to quickly do so before the deadline date because failure to file is a punishable offense.”