In a recent announcement, Mr. Ayodele Subair, the Executive Chairman of the Lagos State Internal Revenue Service (LIRS), highlighted the importance of individual taxpayers submitting their annual tax returns by March 31st, 2024, in accordance with the Personal Income Tax Amendment Act (PITA) Cap P8 2011.
The meeting with stakeholders served as a platform to remind all taxable entities, including self-employed individuals and employees under the PAYE Scheme, about the legal requirement to file their total income from all sources for the previous fiscal year within 90 days of the new assessment year’s commencement.
Mr. Subair underlined the significance of adhering to this deadline to avoid penalties and other statutory consequences. He specifically mentioned the use of the LIRS eTax portal for submitting tax returns, accessible at https://etax.lirs.net.
Furthermore, he emphasized the obligation for all taxable entities in Lagos State to register on the eTax portal, which is designed to provide ease, convenience, and security for taxpayers. To assist with registration and tax return submissions, dedicated tax officers are available at various tax stations.
Commentary
The announcement by the LIRS regarding the March 31 deadline for annual tax return submission is a crucial reminder for taxpayers to fulfill their obligations in a timely manner. Compliance with tax laws is essential for individuals and businesses, ensuring the smooth functioning of the tax system and contributing to the development of Lagos State.
The emphasis on using the eTax portal reflects the LIRS’s commitment to leveraging technology for improved tax administration. This digital platform offers taxpayers a convenient and secure way to file their returns, reducing the paperwork and streamlining the process. The availability of dedicated tax officers at tax stations further demonstrates the LIRS’s proactive approach to assisting taxpayers. This personalized assistance can be invaluable for individuals navigating the eTax portal and ensuring accurate submission of their tax returns.
Overall, the LIRS’s efforts to remind and assist taxpayers in meeting the annual tax return deadline are commendable. It is imperative for taxpayers to take advantage of the resources provided by the LIRS and fulfill their tax obligations promptly to avoid any penalties or legal consequences.
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