skip to Main Content
Implementation Of Tax Incentives And Reliefs For Taxpayers [Individuals And Businesses] In Lagos State.

Implementation of Tax Incentives and Reliefs for Taxpayers [Individuals and Businesses] in Lagos State.

On the 9th of July 2020 the Lagos State Internal Revenue Service issued a notice on the implementation of tax incentives and reliefs for tax payers in Lagos State.

This Public notice comes following their earlier public notice issued by the service extending the time for the filling of annual returns from 31st March – June 30th 2020. This notice according to the service reflects additional measures to ease the impact of the pandemic on tax payers.

Below are the additional measures;

  1. LIRS will permit, on a case to case basis, the payment of outstanding liabilities in installments to ease cash flow challenges that may affect taxpayers.
  2. Waiver of penalties for late payment of liabilities under PAYE that were due during the period when the state was under lockdown (March- May 2020).
  3. Waiver of penalties due on late filing 2020 annual tax returns (Form A)
  4. Waiver of interest and penalty components of outstanding tax liabilities from 2009-2015 for entities that present and keep to a structed payment plan that terminates on or before December 31st 2020.
  5. Grant of tax credit of 20% cash and kind donations made for Covid-19 by resident Nigerians to LASG for the 2012 year of assessment only subject to a cap of 30% of the tax due.
  6. Payment channels have been increased to make payment of taxes easier, simpler, and more convenient for all.
  7. Video conferencing has been adopted as the default mode for the conduct of the Tax Audit Reconciliation Committee (TARC) meetings in consonance with social distancing advisories from government and other relevant authorities.

For more on this, kindly send an email to amarachi@tonbofa.com

Leave a Reply

Your email address will not be published. Required fields are marked *

Social Share Buttons and Icons powered by Ultimatelysocial
Follow by Email
YouTube
LinkedIn
Share
Instagram