Lagos Extends Deadline for Filing Annual Tax Returns to February 7

State to increase tax net, targets N100bn monthly IGR

The Lagos State Internal Revenue Service (LIRS) has extended the filing of employers' annual tax returns by one week to February 7, 2024.

The service said the extension was necessitated by the recent downtime experienced on its e-tax portal

The Executive Chairman of LIRS, Mr. Ayodele Subair, who disclosed this in a statement, said the statutory filing of annual tax returns by companies expired on January 31st, saying each fiscal year attracts stiff penalties for defaulters. But taxpayers were advised to take advantage of the extension to perform their obligation.

According to him, the extension was aimed at providing taxpayers with additional time to ensure accurate and timely submission of their annual tax returns.

Subair, urged employers of labour to take full advantage of the extension to perform their civic obligation to avoid penalties and other statutory sanctions outlined in section 81(3) of the Personal Income Tax (Amendment) Act 2011.

“We understand that unforeseen circumstances may arise, and this extension is intended to accommodate such instances.

“We implore all employers of labour within Lagos State, who are experiencing difficulties in the filing of their annual tax returns to call our service centre or visit the help desks at our various tax stations.

“It is important to adhere to the revised deadline to maintain compliance and avoid any potential penalties.

“For further details or inquiries, we encourage taxpayers to visit the agency's website at www.lirs.gov. ng, follow LIRS on social media platforms, or contact us via email at etaxinfo@lirs.net," the LIRS boss stated.

Meanwhile, Lagos State Government yesterday said the 2024 budget estimate would be funded from a projected revenue estimate of N1.880 trillion, comprising Internally Generated Revenue (IGR) of N1.189 trillion and other revenues.

Also, the state government would invest N550.689 billion to develop and maintain its infrastructure in 2024.

The projected target of N1.189 trillion from IGR represents a monthly revenue generation target of close to a N100 billion.

The State Commissioner for Economic Planning & Budget, Mr. Ope George, made the disclosure during a press briefing at Alausa, Ikeja.

George said Lagos expects capital receipts of N94.605 billion and Federal Transfer N596.629 billion, adding that, "LIRS is expected to contribute 63 per cent (N750 billion) of the projected TIGR, while about 23 per cent (N283.567 billion) is expected to be generated by other MDAs of government.”

The Commissioner said, "We shall achieve this by deepening the revenue and increase the tax net through the deployment of technology, economic intelligence, data gathering and analysis amongst other initiatives.

“There are huge revenue generating opportunities in the informal sector, including real estates, transportation, and trade.”

He explained that the deficit of N387.125 billion is projected to be funded by a combination of internal, external loans and bond issuance.

George said the budget would also address development of affordable housing schemes and urban renewal projects so as to address the housing deficit in the state by injecting a total of N55.924 billion, representing 2.5 per cent of the entire budget.

He stressed that there would be focus on some “Special Projects: Continuous progress on major infrastructure projects like the Lekki-Epe International Airport, the Omu Creek, Blue and Red line etc. It should be noted that most of these projects will be prioritised.”

“The State's 5-year Agric roadmap stands as a testament to this commitment aiming to bolster support for farmers and enhance our overall food systems. This initiative prompted the State to allocate a total sum of N44.33 billion towards central food security, fostering projects such as the cattle feedlot project, fish processing hub programs, and wholesale produce hub and market.

“These endeavors aim to elevate food quality, reduce prices and optimise the agricultural sector in the long run.”