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 In Investor News

Lagos State Internal Revenue Service (LIRS) has commenced the implementation of additional reliefs and measures to further ease the impact of the coronavirus pandemic on taxpayers in the state with effect from Thursday, July 16, 2020.

The measures to be implemented include that the LIRS “shall allow, on a case-by-case basis, payment of outstanding liabilities in instalments to ease cash-flow challenges that may affect taxpayers”, according to Ayodele Subair, the tax agency’s executive chairman.

“Taxpayers are to enjoy a waiver of penalty for late payment of liabilities under PAYE (Pay As You Earn) that was due during the period of March-May, 2020 when the State was under COVID-19 lockdown,” Subair said.

“In addition, a waiver of penalties due on late filing of 2020 annual tax returns known as ‘Form A’ will be granted. A remarkable waiver of interest and penalty on liabilities arising from 2009 to 2015 tax audit for taxpayers who can pay up on or before December 31, 2020 will be implemented,” he said.

Additionally, the LIRS through the Lagos State Government would be granting tax credit of 20 percent of all cash and kind donations made towards Covid-19 by individuals resident in the state for the 2021 Year of Assessment (subject to a cap of 35 percent of tax due), Subair said. This, he said, is in appreciation of taxpayers that have supported the state government in the fight against the pandemic.

These additional measures and incentives, according to a statement signed by Monsurat Amasa, Head, Corporate Communications of LIRS, are in furtherance of the Lagos State Government’s commitment to mitigate the negative effect of COVID-19 on individuals and businesses operating in the state.

The LIRS had earlier offered businesses in the state an initial three-month extension of the deadline for filing of annual returns (from March 31 to June 30, 2020).

Subair further announced that additional payment channels have been opened up to make payment of taxes easier, simpler and more convenient for all. He said video conferencing had been adopted as the default mode for conducting Tax Audit Reconciliation Committee [TARC] meetings in consonance with social distancing advisories from government and other relevant health authorities.

He encouraged taxpayers to make use of the agency’s digital communication platforms to get updates on its operations and details of all tax payment platforms and enjoined all businesses and individuals resident in Lagos State to take advantage of these additional palliatives and reciprocate the kind gestures of the government by discharging their civic responsibilities through prompt payment of all taxes and levies due to the state.

https://businessday.ng/news/article/further-relief-for-lagos-taxpayers-as-lirs-implements-additional-incentives/

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