EKO NEWS
COVID-19: Lagos State Unveils More Tax Benefits For Businesses, Individuals
As a palliative measure to cushion the ravaging economic effect of the Coronavirus pandemic, the Lagos State Government has unveiled another tax incentive and relief for businesses and individuals domiciled in the State.
Chairman LIRS
This was made known to the public by the Lagos State Internal Revenue Service (LIRS) and signed by Ayodele Subair, its Executive Chairman.
The Chairman disclosed that the measures have become sacrosanct to mitigate the economic hardship on the people occasioned by the COVID-19 pandemic, a step which is believed will ensure sustenance of businesses in the State.
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The additional tax incentives being approved by the State Government include:
- LIRS shall allow on a case by case basis, the payment of outstanding liabilities in installments to ease cash flow challenges that may affect taxpayers.
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Waiver of penalty for late payment of liabilities under PAYE that were due during the period when the state was under lockdown (March-May 2020).
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Waiver of penalties due to the late filing of 2020 annual tax returns (Form A).
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Waiver of interest and penalty components of outstanding tax audit liabilities from 2009 to 2015 for entities that present and keep to a structured payment plan that terminates on or before December 31, 2020.
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Waiver of penalty for late payment of liabilities under PAYE that were due during the period when the state was under lockdown (March-May 2020).
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Waiver of penalties due to the late filing of 2020 annual tax returns (Form A).
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Waiver of interest and penalty components of outstanding tax audit liabilities from 2009 to 2015 for entities that present and keep to a structured payment plan that terminates on or before December 31, 2020.
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Grant of tax credits of 20% of the cash and kind donations made for COVID-19 by resident individuals to –
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Lagos State Government for the 2021 Year of Assessment only subject to a cap of 35% of the tax due.
Increase of payment channels to make payment of taxes easier, simpler, and more convenient for all. -
Adopting of video conferencing as the default mode for conduct of Tax Audit Reconciliation Committee (TARC) meetings in consonance with social distancing advisories from Government and other relevant authorities.
With these measures in-ground, the State government is Hopeful that all residents of the State would utilize the opportunity judiciously and equally reciprocate the warm gesture by discharging by their due tax and levies to the State on time.
It could be recalled that the Lagos State government had earlier given 3 months extension of the deadline for filing annual returns from March 31 to June 30, 2020.
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