Lagos plans more incentives for taxpayers

Adebayo Obajemu

The Lagos State Internal Revenue Service (LIRS) has commenced the implementation of more reliefs and measures to further ease the impact of the pandemic on taxpayers in Lagos State. This is in furtherance of the commitment to mitigate the negative effect of COVID-19 pandemic on individuals and businesses.

These additional measures and incentives are sequel to the agency’s initial threemonth extension of the deadline for filing of annual returns (from March 31 to June 30, 2020).

The Executive Chairman, LIRS, Mr. Ayodele Subair, said: “The following measures are to be implemented to further ease the impact of the pandemic on our esteemed taxpayers in Lagos state: LIRS shall allow on a case by case basis, payment of outstanding liabilities in instalments to ease cash flow challenges that may affect taxpayers.

Taxpayers are to enjoy a waiver of penalty for late payment of liabilities under PAYE (Pay As You Earn) 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.

A remarkable 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.