The Executive Chairman of the Lagos Internal Revenue Service (LIRS), Ayodele Subair, has announced plans to streamline about fifty taxes down to single digits, aiming for implementation in 2024. Subair made this disclosure in an interview with Arise Television, highlighting the Lagos State Government's efforts to review outdated tax laws for necessary amendments. He also mentioned the Presidential Committee on Fiscal and Tax Reforms, led by Mr. Taiwo Oyedele, working to harmonize taxes and simplify the tax regime.
Subair emphasized the importance of filing tax returns before the March 31st deadline, stating that it is not only a constitutional and legal obligation but also a moral and social responsibility. He urged Lagosians to report all income, including local and foreign earnings, accurately and truthfully. Subair also mentioned incentives and specific tax returns for timely filers, such as tax credits for rental income and dividends subject to withholding tax deductions.
Regarding the consequences of not filing tax returns, Subair explained that individuals could face a fine of N50,000 upon conviction or a best-of-judgment assessment. He stressed the importance of data privacy and confidentiality, stating that all data within LIRS are treated as highly confidential and are audited annually for compliance with the NDPR-Data Privacy Act. Subair reassured the public that confidentiality is a key priority for LIRS to maintain trust and encourage compliance.
