The Lagos State Internal Revenue Service (LIRS) has issued a crucial reminder to all individual taxpayers residing within its jurisdiction, emphasizing the mandatory submission of their Annual Tax Returns by the stipulated deadline of March 31, 2025. This directive, rooted in the provisions of the Personal Income Tax Act 2004 (as amended), encompasses a wide spectrum of taxpayers, including self-employed individuals operating independently, those engaged in the informal sector, and employees subject to the Pay-As-You-Earn (PAYE) scheme. This comprehensive call underscores the LIRS’s commitment to ensuring compliance with tax regulations and maintaining a robust revenue generation system for the state.
The legal framework governing this imperative is firmly established within Section 41 of the Personal Income Tax Act, which mandates all taxable persons to furnish a comprehensive return of their income. This return must meticulously detail all income accrued from various sources during the preceding fiscal year, spanning January 1 to December 31, 2024. The deadline for submission is set at 90 days from the commencement of the new assessment year, aligning precisely with the March 31, 2025, deadline. This stipulation ensures a standardized and predictable timeframe for tax compliance, allowing the LIRS to efficiently process returns and manage its revenue streams effectively.
Mr. Ayodele Subair, the Executive Chairman of the LIRS, has underscored the significance of adhering to this deadline. He emphasized that timely submission of tax returns is not merely a procedural formality but a statutory obligation with potential legal ramifications. Taxpayers who fail to comply within the stipulated timeframe risk incurring penalties and facing other legal consequences, potentially jeopardizing their financial standing and relationship with the tax authority. This proactive approach to enforcement aims to deter non-compliance and foster a culture of responsible tax payment within Lagos State.
Beyond the legal imperative, Mr. Subair highlighted the practical advantages of utilizing the LIRS eTax portal for submitting returns. This digital platform offers a seamless and secure avenue for taxpayers to fulfill their obligations, eliminating the need for physical visits to tax offices and minimizing the risks associated with paper-based transactions. The eTax portal embodies the LIRS’s commitment to streamlining tax administration, leveraging technology to enhance efficiency and transparency in the tax filing process. Its user-friendly interface and secure infrastructure ensure a convenient and reliable experience for taxpayers, further encouraging voluntary compliance.
Furthermore, the LIRS has implemented measures to support taxpayers in navigating the online platform. Dedicated tax officers are readily available at various LIRS offices to provide personalized assistance with online registration and guide taxpayers through the process of submitting their returns via the eTax portal. This personalized support ensures that taxpayers, regardless of their technological proficiency, can effectively utilize the platform and fulfill their tax obligations. The LIRS’s commitment to accessibility and user support underscores its dedication to fostering a positive taxpayer experience and promoting seamless compliance.
In summary, the LIRS’s call for individual taxpayers to submit their Annual Tax Returns by March 31, 2025, is a critical element of its broader strategy to ensure effective tax administration and revenue generation. Grounded in the Personal Income Tax Act, this requirement applies to a wide range of taxpayers, including self-employed individuals, those in the informal sector, and employees under the PAYE scheme. By emphasizing the legal obligations, potential penalties for non-compliance, and the convenience of the eTax portal, the LIRS aims to promote timely and accurate tax filing, fostering a culture of responsible tax payment and contributing to the sustainable development of Lagos State. The provision of dedicated support through tax officers further reinforces the LIRS’s commitment to taxpayer service and its proactive approach to facilitating seamless compliance.
