The Lagos State Internal Revenue Service (LIRS) has issued a reminder to all employers in the State to file annual tax returns for the 2024 financial year on or before January 31, 2025. This requirement is in line with the Personal Income Tax Act (PITA) Cap P8 LFN 2004 (as amended).
In a statement signed by the Executive Chairman of LIRS, Dr Ayodele Subair, he emphasised that meeting this deadline is a legal obligation, warning 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 not later than January 31 each year and cover the income and taxes paid during the preceding year (2024).
Dr Subair stressed: “Employers must prioritise 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 State’s fiscal planning and sustainability.”
THE NATION
