Deadline for Filing Tax returns is January 31st -LIRS

Deadline for Filing Tax reurns is January 31st -LIRS

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.

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