The Lagos State Internal Revenue Service (LIRS) has issued a reminder to all employers in Lagos State to fulfill their statutory obligation to file annual tax returns for the 2024 financial year on or before January 31, 2025.
The requirement is in line with the Personal Income Tax Act (PITA) Cap P8 LFN 2004 (as amended). In an official statement, the Executive Chairman of LIRS, Dr. Ayodele Subair, emphasised that meeting this deadline is a legal obligation. He warned that failure to comply will result in statutory sanctions, including penalties, as prescribed by law. Section 81 of PITA mandates employers to submit comprehensive annual returns detailing all emoluments paid to employees, including taxes deducted and remitted to relevant accounts.