In a recent announcement, the Lagos State Internal Revenue Service (LIRS) has established January 31st as the final date for businesses and individuals to submit their annual tax returns for the year 2023. Mojisola Aboyade-Cole, the head of the Relation Management Unit at LIRS, shared this information during an interview on Arise TV.
Businesses are encouraged to utilize the electronic tax platform, where tax returns have been efficiently processed for the past four years. It is emphasized that business owners are legally obligated to file tax returns on behalf of their employees. Aboyade-Cole outlined the four major returns that businesses are required to file on the platform: annual tax returns, income projection, withholding taxes, and a schedule of remittances.
Regarding deadlines and the possibility of extensions, Aboyade-Cole noted that the customary practice has been for businesses to submit their tax returns by January 31. She pointed out that the only exception was during the COVID-19 period. Aboyade-Cole emphasized, “It is a legal obligation, it is statutory, and there is no provision in the law for an extension. The only time I know extensions were granted was during the time of COVID or probably when there was a company that was locked up… but even if your company is locked up now, everything is online so there is no excuse.”

Penalties for Underreporting or Evasion
Addressing the consequences of tax evasion or underreporting of income, Aboyade-Cole outlined the penalties in place. Incorrect filing incurs a penalty of N20,000, along with double the outstanding amount that remains unpaid. For businesses involved in evasion or underreporting, a penalty of N500,000 is imposed. Aboyade-Cole stressed, “We have those two and, of course, a conviction of six months when we take you to court.” The LIRS has a dedicated legal directorate tasked with pursuing individuals who are non-compliant. Aboyade-Cole advised business owners not to run afoul of the law.
Early Filing Encouragement
As part of her message, Aboyade-Cole urged both individuals and businesses to submit their tax returns early to avoid the last-minute rush. Highlighting the convenience of online processes, she emphasized the importance of fulfilling this legal obligation in a timely manner. With the deadline set for January 31st, proactive filing not only ensures compliance but also helps in avoiding penalties associated with late submissions.
In conclusion, the LIRS’s announcement through Infostride News serves as a reminder to the business community and individuals in Lagos State to adhere to the statutory deadline for filing annual tax returns. As the tax authority underscores the importance of compliance, the emphasis on utilizing online platforms reflects a commitment to modernizing tax processes for increased efficiency and transparency.
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