Again, Lagos govt extends tax returns filing deadline
In a continuous effort to provide the much needed relief to taxpayers and mitigate the economic impact of COVID-19 pandemic, the Lagos State Government has through the State Internal Revenue Service (LIRS) further extended the deadline for filing of Annual Tax Returns to June 30, 2020.
With the extension, annual returns for individuals including employees and self-employed persons that were initially due on May 31, 2020 can now be filed on or before June 30, 2020.
The Executive Chairman of LIRS, Mr. Ayodele Subair recalled that LIRS had initially extended the deadline for filing annual tax returns for two months, from the statutory March 31st of every fiscal year to May 31, 2020.
"We constantly debated what other measures could be taken as an organization to support individuals and businesses at this time, hence, the additional one-month extension from June 1, to June 30, 2020. It is our
AIICO Insurance Plc has reported gross written premiums of 17.6bn, up 23% from the same period in 2019 which was N14.3bn.
The growth, according to the company, is driven by sustained positive performance across the major lines of business of the group: retail and corporate & institutional businesses.
The group also recorded a 24 per cent increase in profit before tax (PBT) of N1.44 billion, compared to N1.17bn in Q1 2019.
Profit after tax (PAT) also grew by 129 per cent to N1.88 billion, compared to N0.82 billion attained in Q1 2019.
The company’s Managing Director, Mr. Babatunde Fajemirokun, stated that sincere hope that taxpayers take advantage of this new extension to duly file their returns," he said.
He encouraged taxpayers to access the LIRS eTax platforms for all tax administration matters, including filing of annual returns, generation of assessment and payment schedule and payment of the liabilities from the comfort of their homes and offices. He further explained that all they need to do is simply log on to the e-Tax platform.
He also noted that updates on business operations and alternative payment platforms of the service can be obtained by visiting the LIRS website, or by checking its various social media platforms.
Subair appealed to residents of Lagos State to support the efforts of the State Government and the COVID-19 Incident Commander for Lagos State, Mr. Babajide Sanwo-Olu by adhering strictly to the safety guidelines as issued by relevant health authorities. "excellent first quarter results" reported demonstrated the overall strength of the company and its ability to continue to meet obligations to stakeholders even in the face of the COVID-19 global pandemic.
He said strong growth was recorded in the retail life business, which grew by 34% to N10.97bn (Q1 2019: N8.2bn); and an increase of 6% in corporate and institutional business to N6.2bn (Q1 2019: N5.9bn).
Within the period under review, the group’s balance sheet improved with total assets growing by 11% to N176 billion compared to N159 billion in Dec 2019. Shareholders’ funds, also rose by 0.28% to N27.99 billion (Dec 2019: N27.91 billion).