The Lagos State Internal Revenue Service has said it would prosecute tax evaders – companies and individuals – who fail to file tax returns before 1 April, 2016. Olufolarin Ogunsanwo, LIRS chairman, stated that the law compels every taxable individual or corporation under the “Personal Income Tax Act to statutorily file a return of income for the preceding year within 90 days from the commencement of every year of assessment (March 31st being the deadline), while every employer of labour is required to file all emoluments paid to its employees for the preceding year, not later than 31st of January each year”. He lamented the evasion of tax especially “in the wake of little or no proceeds from the federation account” and said that the state government had arranged to prosecute offenders through the ‘Rapid Tax Prosecution Unit’.
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