Lagos State Internal Revenue Service (LIRS) has announced January 31st as the deadline for businesses and individuals to file their annual tax returns for the year 2023.
This was disclosed by the head of the Relation Management Unit of the LIRS, Mojisola Aboyade-Cole during an interview on Arise TV.
According to her, businesses can file their tax return electronically via the e-tax platform as it has been done in the last four (4) years and business owners are mandated by law to file their tax returns on behalf of their employees.
Furthermore, she stated that businesses are required to file four major returns on the platform- annual tax returns, income projection, withholding taxes and schedule of remittances.
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On deadlines and possible extensions, she stated it has been conventional practice for businesses to file their tax returns by January 31 and the only exception was during the COVID-19 period.
She said, “It is a legal obligation, it is statutory and there is no provision in the law for extension. The only time I know extensions were granted was during the time of COVID or probably when there was a company that was locked up… but even if your company is locked up now, everything is online so there is no excuse”
On penalties for tax evasion or underreporting of income, she stated thus “we have the penalties which are N20,000 for incorrect filing and double the outstanding that has been unpaid, and also N500,000 for businesses for evasion or under-reporting. We have those two and of course a conviction of six months when we take you to court.”
“We have a legal directorate, that is their KPI, to go after people who are recalcitrant but as a business owner just don’t run afoul of the law”
She urged individuals and businesses to file in early to avoid the last-minute rush.