LIRS to implement additional tax incentives and reliefs for Lagos taxpayers

In furtherance of the commitment to mitigate the negative effect of COVID-19 pandemic on individuals and businesses, Lagos State Internal Revenue Service (LIRS) has commenced the implementation of additional reliefs and measures to further ease the impact of the pandemic on taxpayers in the state starting from tomorrow, Thursday, July 16, 2020.

These additional measures and incentives are sequel to the agency’s initial three-month extension of the deadline for filing of annual returns (from March 31 to June 30, 2020).

According to the Executive Chairman, LIRS, Mr. Ayodele Subair, “The following measures are to be implemented to further ease the impact of the pandemic on our esteemed taxpayers in Lagos state: LIRS shall allow on a case by case basis, payment of outstanding liabilities in instalments to ease cash flow challenges that may affect taxpayers. 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.

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.

In appreciation of taxpayers that have supported the State Government in the fight against the pandemic, the LIRS through the Lagos State Government will be granting tax credit of 20% 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% of tax due).”

He further announced that additional payment channels have been opened up to make payment of taxes easier, simpler and more convenient for all. The Executive Chairman pronounced that Video Conferencing has 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.

He enjoined all businesses and individuals resident in Lagos State to take advantage of these additional palliatives and reciprocate the kind gestures of Lagos State Government by discharging their civic responsibilities through prompt payment of all taxes and levies due to the state.

The LIRS urges the Lagos State residents to stay safe and obey all Covid-19 guidelines as stipulated by the relevant health authorities and Lagos State Government.

News nghttps://news.ng
We bring you Nigeria News Now, Latest News in Nigeria from all Nigerian Newspapers Today!