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LIRS Wants Lagos Residents To File Tax Returns

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LIRS Wants Lagos Residents To File Tax Returns

The Lagos State Internal Revenue Service (LIRS) has asked all taxable person(s) (including self-employed, employees, professionals) in the state to file their individual annual tax returns for 2021 Year of Assessment in accordance with the provisions of Section 41 of the Personal Income Tax Act LFN 2004 as amended.

The individual tax returns are to be filed in accordance with the provisions of the tax law, section 41 (1) (3):

1. For each year of assessment, a taxable person shall without notice or demand file a return of income in the prescribed form containing the required information with the tax authority of the state in which the taxable person is deemed to be a resident together with a true and correct statement in writing containing:

3. A taxable person shall file with the relevant tax authority the returns as stipulated in this section within 90 days from the commencement of every year of assessment (31st March).

READ ALSO: Govt Approves $1.5b For Rehabilitation Of Port Harcourt Refinery

According to the Executive Chairman, LIRS, Mr. Ayodele Subair, “the statutory deadline to file Individual Tax Return is March 31, 2021 and is just 2 weeks away. Therefore, I urge all taxable residents in Lagos State to comply with the tax laws and file on time, to avoid penalties and interests which may accrue against defaulters.”

Given the safety protocols in Lagos State necessitated by the Covid-19 pandemic, LIRS charges all individual taxpayers residing in Lagos State to prepare and submit their personal income tax returns via the electronic filing system module of the e-tax platform, introduced to make the filing process seamless and timely.

“All relevant tax forms for the purpose of income tax returns can be downloaded from and submitted through the agency’s digital platform: https://etax.lirs.net. Taxpayers experiencing difficulties with the e-tax platform may contact the specially designated officers at our tax stations or call our customer contact centre on 0700-CALLLIRS (0700 2255 5477)

“The LIRS wishes to remind residents and businesses to continue to adhere to all covid-19 guidelines as stipulated by the relevant health authorities and the Lagos State Government”, Subair said.

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NBS Puts Rate Of Inflation In One Month At 19.64%

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NBS Puts Rate Of Inflation In One Month At 19.64%

Inflation rate rose to 19.64 per cent in July 2022 from 18.60 per cent in June 2022, according to the National Bureau of Statistics (NBS).

It was 1.82% increase from that of the previous month, said the Bureau in its report titled “CPI July 2022.”

The report noted the highest increases were recorded in prices of gas, liquid fuel, solid fuel, passenger, transport by road, passenger transport by air, garments, cleaning, repair and hire of clothing.

Inflation rate which measures Composite Price Index (CPI) was the highest since September 2005.

The report said: “In July 2022, on a year –on- year basis, the headline inflation rate was 19.64%,” It added that “This was 2.27% points higher compared to the rate recorded in July 2021, which was (17.3%).

It added that on a month-on-month basis, the headline inflation rate in July 2022 was 1.817 %, which was 0.001% higher than the rate recorded in June 2022 (1.816 %).

The NBS said the percentage change in the average CPI for the twelve months period ending July 2022 over the average of the CPI for the previous twelve months period was 16.75%, showing a 0.46% increase compared to 16.30% recorded in July 2021.

According to the report, increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) functions and all-items basis.

 READ ALSO: CBN Raises Interest Rate To 14% To Tame Rising Inflation

It added that on a year-on-year basis, in the month of July 2022, the urban inflation rate was 20.09%, this was 2.08% higher compared to 18.01% recorded in July 2021.

The report noted that on a month-on-month basis, the urban inflation rate was 1.82% in July 2022, this was a 0.0002% decline compared to June 2022 (1.82%).

It said in July 2022, food inflation on a year-on-year basis was highest in Kwara (29.28%), Akwa Ibom (27.22%), and Kogi (26.08%), while Kaduna (17.16%), Jigawa (17.46%) and Anambra (19.25%) recorded the slowest rise on year-on-year food inflation.

The bureau said on a month-on-month basis, July 2022 food inflation was highest in Kwara (3.90%), Delta (3.61%), and Benue (2.94%), while Taraba (0.14%), Gombe (0.94%), and Niger (1.13%) recorded the slowest rise on month-on-month inflation.

 

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Debt Profile Under Buhari Worrisome – CBN

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Yoruba Leader Writes Buhari, Seeks Talks Over Emergence Of Yoruba Nation

Nigeria’s increasing debt profile under President Muhammadu Buhari is a source of worry to the Central Bank of Nigeria ( CBN) .

This was disclosed in a communique by the CBN’s monetary policy committee  released on Wednesday.

“The committee noted the Federal Government’s increasing debt profile and expressed concerns over debt sustainability given that global uncertainties remain elevated”, the apex said.

The financial regulator urged the federal government to take on urgent measures to cope with debt burden.

READ ALSO: ASUU Strike May End Soon As Buhari Gives Education Minister Adamu Deadline

“The MPC thus reiterated its call to the Federal Government to urgently diversify its revenue sources through various initiatives, such as, the development of a viable tax framework for the extractive and mineral export industries, to strengthen its fiscal buffers.”

As at March 2022, Nigeria’s total public debt hit N41.60 trillion, according to the Debt Management Office.

The Buhari regime has often rebuffed concern about its acute borrowings, justifying that the funds are invested in capital projects with lasting impact.

 

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BREAKING: CBN Raises Interest Rate To 14% To Tame Rising Inflation

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BREAKING: CBN Raises Interest Rate To 14% To Tame Rising Inflation

As a measure to tame rising inflation, the policy-setting committee of the Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR), which measures interest rate, from 13 percent to 14 percent.

The monetary policy rate (MPR) is the baseline interest rate in an economy, every other interest rate used within an economy is built on it.

READ ALSO: CBN Raises Benchmark Interest Rate To 13%

Addressing journalists on Tuesday after the committee’s meeting at the CBN headquarters in Abuja, Godwin Emefiele, governor of the apex bank, said the hike in interest rate would help tame rising inflation.

 

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