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Lagos, Ogun urge taxpayers to file annual return before March 31

Lagos, Ogun urge taxpayers to file annual return before March 31

The Lagos State Internal Revenue Service and the Ogun State Internal Revenue Service have urged residents in the states to file the annual tax returns of all incomes for 2023 before the expiration of the March 31 deadline.

The Executive Chairman of LIRS, Mr Ayodele Subair, in a statement signed by the Head, Corporate Communications, Monsurat Amasa-Oyelude, said that the agency had issued a formal notification to all individual taxpayers, including self-employed individuals and employees under the PAYE Scheme to file their Annual Tax Returns on or before March31, 2024.

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According to Section 41 of the Personal Income Tax Amendment Act, all taxable entities are to file returns for the year for the previous year within 90 days of succeeding year.

Subair hammered on the importance of adhering to the deadline to avoid penalties and other statutory consequences.

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“In furtherance of our commitment to facilitating compliance for taxpayers, dedicated tax officers are available at our various tax stations to assist individuals in completing online registration and tax return submissions via the eTax portal”, Subair stated.

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Similarly, the Executive Chairman of the Ogun State Internal Revenue Service, Mr Olugbenga Olaleye, urged taxable adults whether self employed or in paid employment earning income from other sources not subjected to Pay As You Earn to complete the income declaration form, by visiting the Agency’s portal, ogirs.ogunstate.gov.ng to file their tax returns.

“Failure to comply with the above law will attract a best of judgement assessment in accordance with section 54(3) of Personal Income Tax Act (as amended).

“Section 94, 95 and 96 of the Personal Income Tax Act further stipulates applicable penalties for non-filing, incorrect/false declaration and late submission,” Olaleye said.

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Earlier this year, the Ogun tax gency disclosed that it had digitised the minimum tax payment process in a bid to achieve the year 2024 revenue target and improve its performance.

Olaleye said digitisation of all tax transactions in the state would help the agency to capture more taxpayers and appropriately assess them to improve revenue generation.

Punch

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