LIRS

The Lagos Internal Revenue Service (LIRS) is responsible for collecting taxes in Lagos State. The most popular tax paid to the LIRS is the Personal Income Tax, which could be:

• Pay – As – You – Earn (PAYE) which employers remit as they deduct from their employees’ salaries; or
• Direct Assessment which a self-employed person is obligated to carry out, and file a return of income earned in the preceding year.

Personal Income Tax should be remitted to the appropriate body in the State where the employee/business owner resides. Failure to deduct and remit as and when due, or to keep proper accounting records will result in the defaulter paying the tax, a penalty, and interest.

It is also crucial to note that this does not apply only to Lagos State as every state has a relevant equivalent, and while Personal Income Tax is a constant, there are several other taxes that vary from one state to another. Some of the others include some Witholding Tax, Capital Gains Tax and Stamp Duties, to mention a few.

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