Connect with us

BIG STORY

Just In: No Extension Of Deadline For Filing Individual Annual Tax Returns, LIRS Warns

Published

on

The Lagos State Internal Revenue Service (LIRS) has announced that there is no plan to extend the deadline for filing individual annual tax returns beyond its statutory date of March 31.

The Executive Chairman, Mr. Ayodele Subair made this known on Friday, March 25, 2022, at the LIRS headquarters, Alausa, Ikeja as he advises all individual taxpayers, including self-employed persons and employees under the PAYE Scheme in Lagos State to take advantage of the remaining days in March to file their annual tax returns to avoid payment of penalties, as well as other statutory sanctions, which may include prosecution.

According to him, the obligation to file annual tax returns is stipulated in Section 41 of the Personal Income Tax Act (PITA).  The provision makes it mandatory for all taxable person(s) to file a return of aggregate income from all sources for the preceding year with the State tax authority in which they are deemed resident within 90 days from the commencement of every new year of assessment.

He stated that LIRS has in the last 3 months engaged taxpayers, using various mediums to remind them of their statutory obligations as provided in the Personal Income Tax Act (PITA) Cap P8 2011 (as amended), warning that the agency is therefore set to use the full weight of the law in ensuring taxpayers who fail to meet this obligation are brought to book.

The LIRS boss reiterated, “Filing of tax returns in Lagos State can only be done on the LIRS eTax portal using: https://etax.lirs.net. It is therefore mandatory for all taxable persons in the State to register on the eTax portal, which is built purposely for the convenience of taxpayers. eTax is easy, convenient, and safe.”

As part of the Agency’s quest to ease compliance obligations for taxpayers, tax officers have been designated at various tax stations to assist individuals to carry out online registration and filing of tax returns on the e-Tax portal.

For more information or any inquiries, taxpayers are enjoined to visit its website: www.lirs.gov.ng or follow its various social media platforms: @lirsgovng, email: [email protected] or call the LIRS customer care hotline: 0700 CALL LIRS (0700-2255-5477).

BIG STORY

JUST IN: CBN Increases Banks Capital Base To N500bn, N200bn For National Commercial Banks

Published

on

The capital basis for commercial banks with international permission has been raised to N500 billion by the Central Bank of Nigeria (CBN).

The policy change was confirmed by Mrs. Hakama Sidi Ali, CBN’s acting director of corporate communications. in a declaration.

She added that commercial banks with regional authorization are expected to reach a capital floor of N50 billion, while those with national authority must meet a ceiling of N200 billion.

Announced on Thursday, March 28, 2024, this comprehensive financial reform requires significant increases in banks’ minimum capital bases, which vary depending on the size of the bank.

The latest policy directive specifies that commercial banks with international authorization are now required to shore up their capital base to N500 billion.

In a bid to tighten the financial fabric, the CBN has not overlooked merchant banks, which are now subject to a N50 billion minimum capital requirement.

Continue Reading

BIG STORY

Detained Binance Executive Gambaryan Drags EFCC, NSA To Court

Published

on

Tigran Gambaryan, the CEO of Binance who is currently in detention, has claimed that he has been violated in his fundamental human rights by the Economic Financial Crimes Commission and Nuhu Ribadu, the National Security Adviser.

Gambaryan, in an originating motion marked: FHC/ABJ/CS/356/24 sought a declaration that his detention and seizure of his international travel passport, contravened Section 35 (1) and (4) of 1999 Constitution.

He urged the court to order the NSA and the EFCC to release him from their custody and return his international travel passport with immediate effect.

Gambaryan also sought an order of perpetual injunction restraining the respondents and their agents from further detaining him in relation to any investigation into or demands from Binance.

He also urged the court to order the respondents to issue a public apology to him.

Gambaryan averred that he was in Nigeria alongside fleeing Nadeem Anjarwalla to honour the invitation of the ONSA and EFCC to discuss issues relating to Binance in Nigeria.

Anjarwalla escaped from the guest house where he and Gambaryan were being held

He argued that he had not committed any offence during the meeting, and neither was he informed in writing of any offence he personally committed in Nigeria at any other time.

“The only reason for his detention is because the government is requesting information from Binance and making demands on the company,” he added.

The fleeing Anjarwalla also filed a similar suit, marked: FHC/ABJ/CS/355/24.

At the proceedings on Thursday, T.J. Krukrubo (SAN) appeared for the plaintiffs, while the respondents had no representation.

Krukrubo informed the court that the respondents were served two days ago.

Shortly after that, he announced to the court that he was withdrawing from the matter as counsel for the fleeing Anjarwalla.

He did not give reasons for his withdrawal.

The trial judge, Justice Inyang Ekwo, adjourned the matter till April 8.

Continue Reading

BIG STORY

Federal Government To Arraign Binance Executives Over ‘Tax Evasion’ On April 4

Published

on

On April 4, the federal authorities will file charges against senior executives of the cryptocurrency company Binance, Tigran Gambaryan, and Nadeem Anjarwalla, for allegedly engaging in “tax evasion.”

Anjarwalla is Binance’s regional manager for Africa, while Gambaryan oversees the company’s compliance with financial crimes.

The Federal Inland Revenue Service (FIRS) charged Binance with a crime on March 25th for “tax evasion.”

The service claims that the action is intended to maintain national economic integrity and fiscal discipline.

The lawsuit, designated as suit number FHC/ABJ/CR/115/2024, is said to “implicate Binance with a four-count tax evasion accusation”.

However, on Thursday, NAN reported the federal government will charge the three defendants before Emeka Nwite, the presiding judge, at the federal high court (FHC) in Abuja on a four-count charge.

Despite not being a vacation judge, according to the report, the chief judge granted the fiat for the judge to oversee the case during vacation because it is a matter of critical national interest.

The lawsuit comes a month after Anjarwalla and Gambaryan were detained by the Nigerian authorities.

Anjarwalla and Gambaryan had flown into Nigeria but had their passports seized by ONSA.

On March 12, Anjarwalla was transferred to a local hospital after he fell ill while in detention in Nigeria.

However, on March 25, Anjarwalla escaped from custody and fled Nigeria with a smuggled passport.

Meanwhile, Gambaryan, on March 28, sued Nuhu Ribadu, the national security adviser (NSA) and the Economic Financial Crimes Commission (EFCC), alleging violation of his fundamental rights.

Continue Reading

Most Popular