Business National News

COVID-19: LIRS plans additional reliefs, tax incentives

In its effort to further mitigate the impact of the COVID-19 pandemic on Lagos state tax payers, the Lagos State Internal Revenue Service (LIRS) is set to commence the implementation of additional tax reliefs and other measures on Thursday.

In a statement signed by the revenue Head of Corporate Communications, Monsurat Amasa, on Tuesday, the Executive Chairman , LIRS, Ayodele Subair, said LIRS would allow on a case by case basis, payment of outstanding liabilities in instalments to ease cash flow challenges that may affect taxpayers.

Also, taxpayers would enjoy a waiver of penalty for late payment of liabilities under Pay As You Earn that was due during the period of March -May 2020.

He said a waiver of penalties due on late filing of 2020 annual tax returns, known as ‘Form A ’, would be granted.

In addition, there would be an implementation of a 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 .
In appreciation of taxpayers that have supported the state government in the fight against the pandemic, the LIRS said it would grant tax credit of 20 per cent of all cash and kind donations made by individuals resident in the state for the 2021 Year of Assessment, subject to a cap of 35 per cent of tax due.

He further announced that additional payment channels had been opened up to make payment of taxes easier, simpler and more convenient for all.
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.

The LIRS urged Lagos residents to stay safe and obey all COVID -19 guidelines as stipulated by the relevant health authorities and Lagos State Government.
The statement said the additional measures and incentives were sequel to the agency’ s initial three – month extension of the deadline for filing of annual returns, from March 31 to June 30, 2020.

The Bliss
Your No 1 Shop for relevant and updated news