LIRS issues public notice on exemption of compensation of loss of employment

The Lagos State Internal Revenue Service (LIRS) has issued a public notice (the Notice) with respect to the exemption of compensation for loss of employment. The Notice clarifies payments that qualify for tax exemption as “compensation for loss of employment” under Paragraph 26 of the Third Schedule to Personal Income Tax Act (PITA).

LIRS issues public notice on taxation of interest benefit on employee loans

The Lagos State Internal Revenue Service (LIRS) issued a public notice (the Notice) on 14 September 2017 with respect to taxation of interest benefits accruing to employees on loans granted by employers.