You have 9 more days to file tax returns- LIRS

Have you filed your tax returns? The Lagos State Internal Revenue Service has fixed April 14, this year as the deadline for filing tax returns.

That gives you 9 days more to do the needful.

In a public notice issued last week, the state tax authorities reminded tax payers that March 31 is the statutory deadline for filing Individual Annual Tax returns every year but the government decided to extend it in view of the challenges posed to companies by CoVID-19.

It asked individuals having problems with filing tax returns to call 07022555477 and engage staff specially assembled to respond to such enquiries or approach the nearest LIRS tax station.

According to the LIRS, those who should pay personal income tax include “Any person who earns income in the form of salary, wage, fee, allowance or other gains or profit from employment including compensations, bonuses, premiums, benefits or other perquisites allowed, given or granted by any person to any temporary or permanent employee other than so much of any sums as or expenses incurred by him in the performance of his duties, and from which it is not intended that the employee should make any profit or gain.”

In addition to the Consolidated Reliefs and Allowances (CRA) the following items in the Sixth Schedule table are still tax exempt: National Housing Fund Contribution, National Health Insurance Scheme; Life Assurance Premium; National Pension Scheme and gratuities.

Based on the principle of progressive taxation that makes people pay who earn more to pay more, the schedule of percentage taken from your income less your reliefs are as follows: First N300,000 @7%

next N300,000 @ 11%; next N500,000 @ 15%; Next N500,000 @19%; next N1,600,000 @ 21% and above N3, 200,000 @ 24%.