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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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BREAKING: CBN Increases Weekly Cash Withdrawal Limits

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BREAKING: CBN Increases Weekly Cash Withdrawal Limits

The Central Bank of Nigeria (CBN) on Wednesday reviewed upwards the maximum weekly limit for cash withdrawal across all channels by individuals and corporate organisations to N500,000 and N5 million respectively.

The apex bank stated this in a circular issued Wednesday evening.

In an earlier circular it issued on December 6, the CBN had said that with effect from January 9, 2023, the maximum cash withdrawal over the counter by individuals and corporate organisations per week, will be N100,000 and N500,000 respectively, adding that withdrawals above these limits would attract processing fees of 5 per cent and 10 per cent respectively.

READ ALSO: New CBN Policy Imposes Penalties On Withdrawal Above N100,000, N500,000

It further stated that maximum cash withdrawal per week via Automated Teller Machines (ATMs), from January 9, will be N100,000 subject to a maximum of N20,000 cash withdrawal per day.

The apex bank also directed banks to load only N200 and lower denominations into their ATMs.

In addition, the CBN announced that maximum cash withdrawal via Point of Sales (PoS) terminals), from January 9, will be N20,000 daily.

 

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Buhari To Borrow N1tr From CBN, Seeks N819.5b Supplementary Budget

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Buhari To Borrow N1tr From CBN, Seeks N819.5b Supplementary Budget

President Muhmmadu Buhari has informed the House of Representatives that the government will take another N1 trillion loan from the Central Bank of Nigeria (CBN) through ways and means.

He said the additional N1 trillion would take the total obligation to CBN to N23 trillion which the government seeks to convert to bonds.

The letter was referred to Committees on Finance, Banking and Currency, Loans, Aid and Grant.

Buhari also asked the House of Representatives to approve N819.5 billion supplementary budget for 2022.

In a letter read by Speaker Femi Gbajabiamila on Wednesday, President Buhari said the budget would be financed with new domestic borrowing.

READ ALSO: Debt Profile Under Buhari Worrisome – CBN

He noted that if the supplementary budget was approved, it would take a total deficit in 2022 to N8.17 trillion.

Buhari explained that the country decided to explore a supplementary budget because of the impact of flood and the need to complete major roads that were at 85% completion.

“The president writes that 2022 has witnessed the worst flood incident in recent history which has caused massive destruction of farmlands at a point already close to harvest season, this may compound the situation of food security and nutrition in this country,” the letter reads.

He added that “The flood also devastated the road infrastructure across the 36 states and the FCT. It has affected several sections of major roads and bridges nationwide that are critical to the movement of goods and services. The water sector was equally affected by the flood, and there is a need to complete some ongoing projects that have achieved 85% completion across the country.”

The letter was referred to the House Committee on Appropriation for further legislative action.

 

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Why We May Withdraw Banks’ Foreign Exchange Dealership Licences – CBN

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Emefiele Sick, Can't Meet With Reps - CBN

Miffed by the violation of its diaspora remittance rules, the Central Bank of Nigeria (CBN) has threatened to revoke banks’ foreign exchange dealership licenses.

The CBN’s warning was contained in a circular by the Director, of the Trade and Exchange Department, Ozoemena Nnaji, that waa published on Monday.

In a bid to boost diaspora remittances, especially through the banking system, the CBN, in November 2020 circular to banks, had directed that beneficiaries of such remittances should be paid in dollars through the designated banks of their choice.

However, the apex bank, noted that some International Money Transfer Operators (IMTOs) engage in illegal activities through banks in violation of this directive, by paying diaspora remittances in Naira.

The circular stated: “The attention of the CBN has been drawn to the increasing illegal activities by Money Transfer Operators in Nigeria, through banks, by terminating payments in Naira contrary to extant regulations.

‘This unwholesome practice has some banks partnering with unlicensed international money transfer operators who disguise their transactions and terminate the same via local inter-bank transfers.

“Henceforth, any bank found to be aiding and abetting any IMTO or unlicensed operator in this activity would be appropriately sanctioned.

READ ALSO: New CBN Policy Imposes Penalties On Withdrawal Above N100,000, N500,000

“We also wish to remind all banks that it is their responsibility to not only Know their Customers (KYC requirements) but also Know their customers’ business (KYCB. requirements).

“For the avoidance of doubt, all banks and IMTOs are to pay out proceeds of diaspora remittance only in US Dollars and comply with the guidelines on International Money Transfer Operations published by the Bank.

“Any bank found to be aiding/collaborating with IMTOs in terminating remittances in naira will have their authorised dealership licence withdrawn.”

 

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