The Lagos State Internal Revenue Service has set January 31st, 2023 as the deadline for businesses and individuals to file their annual tax filings.
The chief of the LIRS’s Relationship Management Unit, Mojisola Aboyade-Cole, said this during an interview with Arise TV.
According to her, businesses can file their tax returns online through the e-tax platform, as they have for the previous four years, and business owners are required by law to file their tax returns on behalf of their employees.
Furthermore, she noted that firms must complete four primary reports on the platform: annual tax returns, income projection, withholding taxes and schedule of remittances.
In terms of deadlines and possible extensions, she indicated that it has been customary for firms to file their tax returns by January 31, with the sole exception being during the COVID-19 period.
“It is a legal obligation, it is statutory, and there is no provision in the law for extension. The only occasion I know of extensions being granted was during COVID or possibly when a corporation was tied up… But even if your organization is now locked down, everything is available online, so there is no excuse.”
In terms of penalties for tax evasion or underreporting of income, she noted, “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 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 then urged individuals and firms to file early to avoid the last-minute rush.
