Updated on January 11, 2024
The Lagos State Internal Revenue Service (LIRS) has set January 31st as the deadline for filing tax returns in 2024.
Businesses and individuals can conveniently file through the e-tax platform, a practice in effect for the past four years.
According to Mojisola Aboyade-Cole from LIRS, it is a legal obligation for business owners to file returns on behalf of their employees.
The four major returns required include annual tax returns, income projections, withholding taxes, and a schedule of remittances.
Aboyade-Cole emphasized that January 31st is the standard deadline, with extensions granted only during exceptional circumstances, such as the COVID-19 period.
She stressed that the online platform eliminates excuses, even if a company is temporarily closed.
Penalties for incorrect filing or evasion include a fine of N20,000, double the outstanding unpaid amount, and a N500,000 penalty for businesses found guilty of evasion or underreporting.
Legal action leading to a six-month conviction is also a possibility.
In urging businesses and individuals to file early and avoid the last-minute rush, Aboyade-Cole emphasizes the importance of compliance to prevent legal consequences.
The announcement aims to ensure a smooth tax return process, emphasizing the statutory and legal obligation for timely filing.