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LIRS announces another relief for tax payers

The 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 Lagos state.

The measures, according to a statement became effective on July 16, 2020.

It stated that the additional measures and incentives were sequel to the agency’s initial 3-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, he pointed out that a waiver of penalties due on late filing of 2020 annual tax returns known as ‘Form A’ would be granted, adding that 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 would be implemented.

In appreciation of taxpayers that have supported the state government in the fight against the pandemic, the LIRS stated that it would be granting tax credit of 20 per cent 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).

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