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 from last Thursday.
It said the move is a part of commitment to mitigating the negative effect of COVID-19 pandemic on individuals and businesses in the state.
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The additional measures and incentives are sequel to the LIRS initial three-month extension of the deadline for filing of annual returns from March 31st to June 30, 2020.
According to the Executive Chairman, LIRS, Mr. Ayodele Subair, the measures are to be implemented to further ease the impact of the pandemic on taxpayers in Lagos state.
He explained that LIRS shall allow on a case by case basis, payment of outstanding liabilities in instalments to ease cash flow challenges that may affect taxpayers.
He further noted that taxpayers would receive a waiver of penalty for late payment of liabilities under Pay As You Earn (PAYE) 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 while 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 will be implemented.
Subair stated that the LIRS will be granting tax credit of 20percent of all cash and kind donations made towards COVID-19 by individuals resident in the State for the 2021 Year of Assessment, which is subject to a cap of 35percent of tax due.
He also announced that additional payment channels have been opened up to make payment of taxes easier, simpler and more convenient for all.
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