LIRS Threatens To Prosecute Tax Evaders From Dec 17

Image

By Modupe Gbadeyanka

The Lagos State Internal Revenue Service (LIRS) has threatened to take legal action against anyone who fails to pay his tax to the government after Friday, December 16, 2016.

In order to avoid this, the LIRS has appealed to all taxpayers in the state to be on the right side of the law and take full advantage of the 16-day grace period from December 1 to 16, 2016 to remit all overdue taxes/levies and those that would fall due in the month of December in order to avoid prosecution.

In a statement issued by its Head of Corporate Affairs, Mrs Monsurat Amasa, the LIRS noted that in the last few months, it has embarked on massive advocacy and enlightenment programmes, taking Lagos residents and taxpayers through a process of education on the laws bordering on tax administration and the need and benefits of paying taxes as and when due.

The statement stated in spite of the significant decline in the allocation from the federation accounts, the Lagos State government was still embarking on massive infrastructural development and renewal; these cannot be achieved if tax payers deliberately refuse to discharge their civic responsibility to the state.

“Taxpayers are hereby advised to clear all outstanding payments ON OR BEFORE THE 16TH OF DECEMBER 2016, failing which the Lagos State Government will commence criminal prosecution of offenders, with full enforcement through distrain activities in line with relevant provisions of the Personal Income Tax Act 2004 (As amended),” the statement said.

According to the Executive Chairman of LIRS, Mr Ayodele Subair “LIRS has put all the necessary machineries in place to ensure the enforcement of the tax laws with effect from December 17, 2016 when the grace period lapses.”

He has advised all taxpayers to comply, reiterating that the full weight of the law will be brought to bear on any taxable persons or corporations who fail to remit all taxes/levies due.

The statement gave the under listed taxes and levies as what are expected to be remitted to the Lagos State government within the grace period:

* Tax Audit Liability of back years

* Personal Income Tax (PAYE, Direct Assessment, Self-Assessment)

* Withholding Tax

* Hotel Occupancy and Restaurants Consumption Tax

* Land Use Charge and Ground Rent

Share
Related Stories
Image
28-February-2024

Naira Loses N33 to Trade at N1,615/$1 at Official Market

By Dipo Olowookere It was a bad day for the Naira in the official market, the Nigerian Autonomous Foreign Exchange Market (NAFEM), on Tuesday as its value weakened by N33.00 or 2.09 per cent against the United States Dollar to sell at N1,615.94/$1 compared with the previous day’s N1,582.94/$1. This came on a day the Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, reemphasised that the Nigerian currency was grossly undervalued. While briefing newsmen yesterday on the outcome of the Monetary Policy Committee (MPC) meeting, Mr Cardoso stressed that the current rate was not the true value

Image
27-February-2024

PHOTOS: Nigerians Join NLC for End Hunger Protest

By Modupe Gbadeyanka Some Nigerians across the country have joined the Nigeria Labour Congress (NLC) to protest against economic hardship under the administration of President Bola Tinubu. The NLC had called for a two-day nationwide protest over the widespread hunger in the country as a result of the removal of fuel subsidies and the unification of the exchange rates. In Lagos, business activities are slow because of the demonstrations across the city, while it is not different in Abuja, Kaduna, Enugu, Anambra, Oyo State and others. The demonstration has been tagged #EndHungerProtest for social media followers to track and here

Image
27-February-2024

We Are Not Responsible for Your Woes—CBN Tells Nigerians

By Aduragbemi Omiyale The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, has absolved the bank from the current economic hardship the citizens are going through, saying he and his team are only part of the solution and not the problem. He said this on Tuesday while briefing newsmen on the outcome of the first Monetary Policy Committee (MPC) meeting under his leadership. Mr Cardoso was confirmed as the substantive leader of the central bank last September by the Senate after Mr Folashodun Shonubi, who sat on the seat in an acting capacity after the removal of

More Stories
Image
15-May-2023

Inflation in Nigeria Rises to 22.22% in April 2023

By Modupe Gbadeyanka The National Bureau of Statistics (NBS) has disclosed that inflation in Nigeria increased to 22.22 per cent in April 2023, in contrast to the 22.04 per cent recorded in March 2023. This was mainly due to an increase in food prices, as the food inflation rate in the period under review rose by 24.61 per cent on a year-on-year basis, 6.24 per cent higher than the 18.37 per cent achieved in the same period of last year. The stats office said last month, the nation witnessed increases in prices of oil and fat, bread and cereals, fish,

Image
29-October-2019

FG Urges Chinese Power Generation Firm to Consider BOT Investments

By Dipo Olowookere The federal government of Nigeria has asked a Chinese multinational power generation and electrical equipment manufacturing company, the Shanghai Electric Group, to look into Build-Operate-Transfer (BOT) partnerships amongst other investment opportunities in the country. Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, made this suggestion to the energy firm when she met with the Vice President of the Shanghai Electric Group and his delegation on a courtesy visit at the Finance Headquarters in Abuja. She said even though Nigeria has challenges, this also presents opportunities for investors, adding that there were significant opportunities for solar

Image
04-May-2020

Oil Stakeholders Begin Construction of Hospital in Bayelsa

By Adedapo Adesanya A coalition of oil and gas industry players led by the Nigerian National Petroleum Corporation (NNPC) has kick-started the third phase of their COVID-19 support programme with the launch of a permanent Emergency and Infectious Diseases Hospital for the South-South Region in Yenagoa, Bayelsa State. In a statement released on Sunday in Abuja by NNPC Group General Manager, Group Public Affairs Division, Mr Kennie Obateru, it was stated that the flagging off of the health facility was held event held over the weekend by the intervention group to deliver lasting medical infrastructure across the six-geopolitical zones in

Image
28-October-2022

Elon Musk Finally Takes Charge of Twitter

By Adedapo Adesanya After months of drama, Mr Elon Musk has now taken charge of Twitter, signifying his $44 billion acquisition of the company. With the acquisition, Twitter CEO, Mr Parag Agrawal, and finance chief, Mr Ned Segal, have been relieved of their duties, while Mr Vijaya Gadde, the head of legal policy, trust, and safety, was also fired. Yesterday, the billionaire tweeted, “the bird is freed,” in an apparent reference to the takeover being completed. This would bring an end to a tumultuous seven-month tussle that began in April when Twitter accepted Musk’s proposal to buy the social media

Image
30-May-2018

Nigeria’s Money Market Rates Crashes by 15%

By Dipo Olowookere There was a significant drop in the money market rates in Nigeria at the first trading day of this week on Monday. The Open Buy Back (OBB) and the Overnight rates depreciated by about 15 percent. Specifically, while the OBB rate went down to 3.67 percent from 17.17 percent, the overnight rate dropped to 4.42 percent from 19.67 percent in the previous session. The decline occurred as system liquidity improved significantly to about 250 billion positive following inflows from FAAC Payments into the system. Analysts at Zedcrest Capital expect the rates to remain moderated, even as the

Image
11-January-2023

ISB Confers SEC New Investigative, Enforcement Powers—Lawmaker

By Aduragbemi Omiyale The Chairman of the House of Representatives Committee on Capital Markets and Institutions, Mr Babangida Ibrahim, has disclosed that the Investments and Securities Bill (ISB) recently passed by the upper chamber of the National Assembly has conferred the Securities and Exchange Commission (SEC) new powers to investigate capital market infractions and apply sanctions to culprits. Speaking in an interview in Abuja recently, the lawmaker said this is one of the advantages of the new piece of legislature, which is awaiting passage in the Senate. According to him, the bill has provisions that will inspire the confidence of

Image
16-March-2018

BMCE Bank of Africa to Reward Innovative Entrepreneurs with $1m

By Modupe Gbadeyanka The management of BMCE Bank of Africa has launched its 4th edition of the African Entrepreneurship Award (AEA) supporting innovative entrepreneurs in Africa The African Entrepreneurship Award will fund $1 million to African entrepreneurs with scalable and sustainable businesses in 2 new categories: Sports and Innovation. Recall that the award was announced in 2014 by President Othman Benjelloun at the Marrakech Global Entrepreneurship Summit and illustrates BMCE Bank of Africa’s ambition to encourage entrepreneurship across borders in Africa by rewarding talent and technology. This initiative also aims to support talented entrepreneurs from Africa or Africans in the

Image
10-February-2019

El-Rufai’s Body Bags Threat: Appraising the Electoral and Diplomacy Effects

By Omoshola Deji Election in Nigeria is more of a war than a contest. The benefits of public office attract people to politics and make them desperate for power. Candidates employ devious tactics to win, as if losing is punishable by death. They dish out hate speeches and uncouth statements without considering the imminent doom such could drag Nigeria into. Governor Nasir El-Rufai of Kaduna State is in the eye of the storm. He stirred the hornet’s nest when he issued a death threat to foreigners who may want to question the conduct of the general elections starting February 16.

Ad
Ad
Recent Stories
Image
28-February-2024

Dangote Cement Wins Environmental Sustainability Award

By Aduragbemi Omiyale NatureNews has announced Dangote Cement Plc as the winner of the 2023 NatureNews Environmental Sustainability Award at its 3rd anniversary themed Climate Change and Energy Transition in Nigeria. At the Anniversary Lecture and Presentation of the Hero of Environmental Actions for Development (HEAD) held on Tuesday at the Shehu Musa Yar’Adua Centre, Abuja, the news platform said Dangote Cement was nominated for the category following a thorough screening by eminent professionals. The Publisher and Editor-in-Chief of NatureNews, Mr Aliyu Akoshile, disclosed that during the screening, it was discovered that the cement maker had deployed cutting-edge technology to

Image
28-February-2024

Nigeria’s Stock Market Stands Still to Honour Ogunbanjo’s Legacy

By Aduragbemi Omiyale The stock market in Nigeria stood still for the late former chairman of the Nigerian Exchange (NGX) Group Plc, Mr Abimbola Ogunbanjo, on Tuesday, February 27, 2024. The day was set aside to pay homage to the enduring legacy of the esteemed luminary, who died in a helicopter crash in the United States a few weeks ago along with the group chief executive of Access Holdings, Mr Herbert Wigwe, his wife and son. The NGX Group held an Afternoon of Tributes and Closing Gong Ceremony yesterday for him in collaboration with the Coronation Group. In a poignant

Image
28-February-2024

Fans Anticipate ‘Return of Maleeka (Atupa)’ by Mobolaji Samuel

By Modupe Gbadeyanka Some movie lovers are already calling on a movie producer in Nigeria, Ms Mobolaji Samuel, to release the sequel to her captivating film, Maleeka, Return of Meleeka (Atupa). The quest to see the second part of the flick is due to the exploits of the Nollywood filmmaker in the first part. However, she has called for calm, assuring her fans that the release date of her latest work of art would be announced very soon. Speaking recently on the Return of Maleeka (Atupa), the charming movie maker described the film as a story of faith and resilience,

Image
28-February-2024

FG Selects Learning Community Managers for 3MTT Initiative

By Modupe Gbadeyanka The federal government has selected Learning Community Managers for the 3MTT Initiative for all 36 states of the federation and the Federal Capital Territory (FCT). The managers were picked for the programme by the Federal Ministry of Communications, Innovation & Digital Economy, which is handling the initiative. Recall that the government secured N1 billion in partnership with IHS Nigeria to support the 3MTT Learning Community. The selection of Learning Community Managers marks a significant milestone in the government’s efforts to empower Nigeria’s tech talents. These individuals will play a crucial role in managing and assisting participants in

Image
28-February-2024

Renowned Embryologist Dr Marta Jansa Perez Visits Bridge Clinic Nigeria

By Modupe Gbadeyanka A renowned embryologist, Dr Marta Jansa Perez, has visited the Bridge Clinic Nigeria in Lagos, reinforcing its commitment to excellence in reproductive healthcare. Ms Perez is the Director of Embryology at Bridge Clinic London. Her visit to the Nigerian affiliate of the foremost healthcare organisation is a testament to the partnership between the two clinics, opening new avenues for the exchange of expertise and resources. The health practitioner arrived at Bridge Clinic Nigeria on Monday, February 19, 2024. Her week-long visit was meticulously structured around training, process and quality improvement, research and development, and guidance on best

Image
28-February-2024

Zero Routine Gas Flares and Delta Communities

By Jerome-Mario Utomi It is common knowledge that in pursuit of meeting the targets of 20 per cent (unconditional) and 47 per cent (conditional) greenhouse gas emission reduction as contained in the Nationally Determined Contribution under the Paris Accord reportedly signed by the President Bola Tinubu administration, the Nigerian National Petroleum Company Limited/TotalEnergies joint venture recently achieved zero routine gas flare in all its assets. While it is obvious that “the significance of this achievement is that the last routine flare volume of about 12MMscf/d (12 million standard cubic feet per day) of gas has now been eliminated giving rise

Image
28-February-2024

70 Active Stanbic IBTC Bank Customers Grab N7m in January Draws

By Aduragbemi Omiyale The sum of N7 million has been won by 70 active customers of Stanbic IBTC Bank in its ongoing Reward4Saving Promo. The money was won in the January 2024 draw, bringing the total number of beneficiaries since the inception of the promo in 2021 to 1,424 valued at N234 million, a statement from the company said. The Reward4Saving Promo was created to foster disciplined saving habits among Nigerians, offering them rewards for achieving specified savings targets. In the January draw, 10 winners were selected from each of the seven business regions operated by the bank in Nigeria,

Image
28-February-2024

Firms in Nigeria to Pay Annual Levy for Hiring Foreigners

By Aduragbemi Omiyale A new tax known as Expatriate Employment Levy (EEL) has been introduced by the federal government and it is to be paid by companies, which hire foreigners to work in Nigeria. The scheme was launched on Tuesday in Abuja by President Bola Tinubu and it is to close wage gaps between expatriates and Nigerian workers. The government explained that the policy aims to find a balance between leveraging foreign expertise and fostering local talent in Nigeria’s job market through the EEL, emphasising that it is not to discourage foreign investments. It was stressed that the level would

Image
28-February-2024

Senate Advocates Introduction of Food Stamps in Nigeria

By Adedapo Adesanya The Senate has urged the federal government to introduce the Nigerian version of the “food stamps programme” as an interim intervention to cushion the effects of food shortages in the country. This followed the adoption of a motion on the Introduction of Food Stamps in Nigeria as an Interim Measure to Address Imminent Food Insecurity in the country, by Mr Ali Ndume, the Senate Chief Whip at plenary on Tuesday. Presenting the motion, Mr Ndume said that in other countries, like the United States, food stamps were government-issued coupons that had been in use since 1939. “This is

Image
28-February-2024

Trucks Transit Parks Reflects Industry Impact, Future Opportunities

By Modupe Gbadeyanka A leading technology company specializing in mobility solutions, Trucks Transit Parks (TTP) Limited, is marking its third year of operations. As part of this, the firm is reflecting on the significant impact it has made in the maritime and logistics industry. TTP, since its inception to revolutionize the maritime and logistics sector in Nigeria through truck mobility solutions powered by technology, has emerged as a key player in driving port terminal efficiency, reducing traffic congestion, and creating new business opportunities within the Apapa port economic zone. “Our third anniversary of operations provides us an opportunity to reflect