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

Have you filed your 2019 individual income tax returns?

The 2019 individual tax returns (Form A) extended deadline of 30 June 2020 for Lagos State Internal Revenue Service and FCT Internal Revenue Service is fast approaching.

LIRS further extends deadline for filing 2019 individual income tax returns (Form A)

LIRS further extends deadline for filing 2019 individual income tax returns (Form A)

The Lagos State Internal Revenue Service (LIRS) has issued a public notice (the Notice) informing all taxable individuals resident in Lagos State of its decision to further extend the deadline for filing individual income tax returns for 2019, from 31 May 2020 to 30 June 2020.

LIRS extends deadline for filing 2019 employers’ annual returns

Lagos State Internal Revenue Service (LIRS) has extended the deadline for filing the 2019 employers’ annual returns to 8 February 2019.

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 employee share/stock options

The Lagos State Internal Revenue Service (LIRS) recently issued a public notice (the Notice) with respect to the taxation of share-based payments in the hands of employees.

LIRS clarifies the definition of reasonable removal expenses for the purpose of tax exemption

The Lagos State Internal Revenue Service (LIRS) recently issued a public notice to all employers, company owners and their representatives, employees, high net worth individuals and other members of the public to clarify the definition of reasonable removal expenses for the purpose of tax exemption. LIRS cited Section 4(3)(c) of Personal Income Tax Act, LFN Cap P8 2004 as amended, which exempts “reasonable removal expenses” from tax.