The Lagos State Internal Revenue Service has disclosed that January 31, 2025, is the deadline for filing 2024 annual tax returns.

This was made known in a statement on Sunday, January 13, by LIRS Deputy Director, Corporate Communication, Monsurat Amasa-Oyelude.

In the statement, the Executive Chairman of LIRS, Dr Ayodele Subair, stressed that it is a legal obligation to meet the deadline.

According to him, not complying will result in statutory sanctions, including penalties, as prescribed by law.

Parts of the statement read: “Section 81 of PITA mandates employers to submit comprehensive annual returns detailing all emoluments paid to employees, including taxes deducted and remitted to relevant tax authorities.

"These returns must be filed no later than January 31 each year and cover the income and taxes paid during the preceding year (2024).

“Employers must prioritize the timely filing of their annual income tax returns to avoid penalties.

"Submitting returns on or before the deadline ensures compliance with the law and supports accurate revenue tracking, which is essential for Lagos State’s fiscal planning and sustainability.”