Have you filed your 2019 individual income tax returns?

Federal Inland Revenue Service extends AEOI-CRS reporting deadline for financial institutions

The 2019 individual tax returns (Form A) extended deadline of 30 June 2020 for Lagos State Internal Revenue Service (LIRS) and FCT Internal Revenue Service (FCT-IRS) is fast approaching. Please refer to our previous alerts on the extension by the tax authorities.

According to Section 41 of the Personal Income Tax Act (PITA) (as amended), all taxable persons are required to file a return of claims and income from every source for the year preceding the year of assessment with the relevant tax authority. Therefore, all individuals are expected to collate all necessary documents needed to file their tax returns such as details of income earned, statutory contributions made and details of allowable expenses incurred.

Individuals resident in Lagos State are expected to file via the dedicated e-tax portal at www.etax.lirs.net while individuals resident in FCT are expected to download the form here and submit to the nearest FCT-IRS office.

We advise that individuals file their ‘Form A’ as non-compliance attracts penalties.

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