The Lagos State Internal Revenue Service (LIRS) has announced that it has commenced the implementation of reliefs to ease the impact of the COVID-19 pandemic on taxpayers in the state.
The Executive Chairman of the agency, Mr Ayodele Subair, in a statement, said the reliefs were in addition to the two months’ extension of the deadline for filing of annual returns.
He said, “The LIRS shall allow on a case-by-case basis payment of outstanding liabilities by instalments to ease cash flow challenges that may affect taxpayers. Taxpayers are to enjoy a waiver of penalties for late payment of liabilities under PAYE (Pay As You Earn) that was due during the period of March to May 2020, when the state was under COVID-19 lockdown.
“In addition, a waiver of penalties due on late filing of 2020 annual tax returns known as Form A will be granted. A remarkable waiver of interest and penalties on liabilities arising from 2009 to 2015 tax audits for taxpayers who can pay up on or before December 31, 2020, will be implemented.”
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Subair disclosed that the agency would also grant a tax credit of 20 per cent on all cash and kind donations made towards COVID-19 by individuals resident in the state for the 2021 Year of Assessment.
He announced that additional payment channels had been opened to make payment of taxes easier, simpler and more convenient.