Residents of Lagos have been urged to file their annual tax returns before the March 31 deadline as authorities intensify efforts to improve tax compliance across the state.
The call was made by Abideen Akande, Special Adviser to the Executive Chairman of the Lagos State Internal Revenue Service (LIRS), during an interview where he explained the importance of tax returns and the consequences of non-compliance.
According to Akande, filing annual tax returns is a mandatory requirement that enables tax authorities to determine how much income residents earned in the previous year and how much tax has already been paid.
He explained that Nigeria operates a self-assessment tax system, which places the responsibility on individuals to voluntarily declare their earnings for a specific period.
“In this system, individuals are expected to disclose the income they earned during the previous year since the accounting period has already ended,” he said.
Akande noted that while employers are required to submit their returns between January 1 and January 31 each year, individuals must also comply by filing their own returns after the close of the financial year.
He recalled that the tax assessment period previously ran from April to March but has since been aligned with the calendar year, covering January to December.
The LIRS adviser stressed that tax filing is not merely a statutory obligation but also a constitutional responsibility for citizens.
He added that while many people often emphasize their constitutional rights, they sometimes overlook the corresponding obligations that come with them.
According to him, an effective tax system remains essential for the functioning of any organised society.
