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Home ยป LIRS Sets January 31 Deadline for Annual Tax Returns Filing by Employers

LIRS Sets January 31 Deadline for Annual Tax Returns Filing by Employers

Joan Aimuengheuwa by Joan Aimuengheuwa
January 12, 2025
in Personal Finance
0
Lagos Internal Revenue Service - LIRS Tax Returns
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The Lagos State Internal Revenue Service (LIRS) has issued a reminder to all employers in Lagos State to fulfill their statutory obligation to file annual tax returns for the 2024 financial year on or before January 31, 2025.

Ayodele Subair, the executive chairman of LIRS
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Dr. Ayodele Subair, the executive chairman of LIRS

This requirement is in line with the Personal Income Tax Act (PITA) Cap P8 LFN 2004 (as amended).

In an official statement, Dr. Ayodele Subair, the executive chairman of LIRS, emphasized that meeting this deadline is a legal obligation.

He warned that failure to comply will result in statutory sanctions, including penalties, as prescribed by law.

Section 81 of PITA mandates employers to submit comprehensive annual returns detailing all emoluments paid to employees, including taxes deducted and remitted to relevant tax authorities.

These returns must be filed no later than January 31 each year and cover the income and taxes paid during the preceding year (2024).

Dr. Subair stressed,

โ€œEmployers must prioritize the timely filing of their annual income tax returns to avoid penalties. Submitting returns on or before the deadline ensures compliance with the law and supports accurate revenue tracking, which is essential for Lagos Stateโ€™s fiscal planning and sustainability.โ€

To simplify the process, LIRS has transitioned to a fully digital filing system. Employers must file their annual tax returns exclusively through the LIRS e-Tax portal.

Manual submissions are no longer accepted. Mr. Subair described the e-Tax platform as secure, user-friendly, and designed to provide employers with a convenient way to manage their tax obligations.

Employers are reminded to include the Payer ID of all employees in their returns. Employees without a Taxpayer ID are advised to generate one immediately on the e-Tax platform to prevent disruptions during the filing process.

To assist employers, LIRS has deployed staff across its offices to provide guidance on using the e-Tax portal and addressing related concerns.

Employers are encouraged to act promptly to meet the deadline and ensure compliance with tax laws.

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