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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