The Lagos State Internal Revenue Service (LIRS) has instructed employers to file their annual tax returns for the 2024 financial year no later than January 31, 2025.
This mandate aligns with the Personal Income Tax Act (PITA) Cap P8 LFN 2004 (as amended), stipulating the timely submission of comprehensive tax reports.
According to a statement by Ayodele Subair, the Executive Chairman of LIRS, employers must meet this deadline, warning them of statutory sanctions for non-compliance, the nation reports.
Subair said:
Section 81 of PITA mandates that employers submit detailed annual returns covering all emoluments paid to employees, including taxes deducted and remitted to relevant tax authorities.
These returns must reflect income and tax activities for the preceding year, ensuring that all deductions and remittances are accounted for.
The LIRS’s insistence on timely submissions is part of its broader efforts to enhance revenue transparency and compliance within the state.
It would be recalled that Babajide Sanwo-Olu, the governor of Lagos, signed the state’s 2025 budget of N3.366 trillion into law with N2.342 trillion targeted from total Internally Generated Revenue.
Tagged the “Budget of Sustainability,” the 2025 fiscal plan focuses on infrastructure development, economic diversification, and critical sectors aimed at advancing the state’s growth and improving the lives of its residents.
Speaking on the budget breakdown, Sanwo-Olu said:
To address the funding gap, a deficit of N398.662 billion will be financed through prudent and sustainable strategies.
The budget also allocated N1.3 trillion for recurrent expenditure and N2.07 trillion for capital projects.
Ealier, TimesNow.com.ng reported that the Federal Inland Revenue Service (FIRS), under Zacch Adedeji’s leadership, has set a higher revenue target in 2025.
Adedeji has set ambitious revenue targets, with plans to simplify tax processes, enhance communication, and deploy more accessible technologies.
Tax expert Aderonke Atoyebi shows the plan to achieve the feat amid plans for a reform
Source: TimesNow.com.ng
