Lagos State Internal Revenue Service (LIRS) has issued a reminder to all employers in Lagos State to fulfill their statutory obligation to file annual tax returns for the 2024 financial year on or before January 31, 2025.

This requirement is in line with the Personal Income Tax Act (PITA) Cap P8 LFN 2004 (as amended).

In an official statement, Dr. Ayodele Subair, the executive chairman of LIRS, emphasized that meeting this deadline is a legal obligation.

He warned that failure to comply will result in statutory sanctions, including penalties, as prescribed by law.

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).

Dr. Subair stressed, “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.”

To simplify the process, LIRS has transitioned to a fully digital filing system. Employers must file their annual tax returns exclusively through the LIRS e-Tax portal.

Manual submissions are no longer accepted. Mr. Subair described the e-Tax platform as secure, user-friendly, and designed to provide employers with a convenient way to manage their tax obligations.

Employers are reminded to include the Payer ID of all employees in their returns. Employees without a Taxpayer ID are advised to generate one immediately on the e-Tax platform to prevent disruptions during the filing process.

To assist employers, LIRS has deployed staff across its offices to provide guidance on using the e-Tax portal and addressing related concerns.

Employers are encouraged to act promptly to meet the deadline and ensure compliance with tax laws.

Federal government has received $52.88m recovered Galactica assets linked to a former Minister of Petroleum Diezani Alison-Madueke from the USA.

The Attorney-General of the Federation and Minister of Justice Lateef Fagbemi disclosed this at the formal signing ceremony of the asset agreement between Nigeria and the United States of America in Abuja on Friday, January 10.

While speaking at the ceremony, Fagbemi explained that $50m of the recovered assets will be deployed through the World Bank to the development of the rural electrification project and the remaining $2m will be deployed to the International Institute of Justice to expand the Justice system and also counter corruption.

Speaking further, Fagbemi noted that the asset return marks a milestone in the ongoing collaboration between Nigeria and the United States in combating corruption and upholding the rule of law

He said the event is also a significant effort by President Bola Tinubu to address the issue of corruption.

Meanwhile, in his remarks, the United States Ambassador to Nigeria Richard Mills called for the monitoring and effectively utilizing the recovered assets by the Ministry of Justice to benefit Nigerians.

Diezani served as Minister under the Goodluck Jonathan administration.

TikTok has officially announced plans to cease its operations in the United States by January 19, 2025.

“Absent such relief, the Act will take effect on January 19, 2025,” TikTok said in a Dec. 9 legal filing. “That would shut down TikTok—one of the Nation’s most popular speech platforms for its more than 170 million domestic monthly users on the eve of a presidential inauguration.”

Last year, President Joe Biden signed into law, a legislation to remove TikTok from U.S. app stores and prohibit internet providers across the nation from allowing access to the platform if ByteDance cannot sell to an American company by Jan. 19.

The legislation was put in place amid concerns of China possibly using TikTok to spy on U.S. residents.

In response, TikTok filed an emergency motion for an injunction to stop the ban from taking effect, arguing that it violates the First Amendment and will generate “substantial losses,” per legal documents.

The Supreme Court is slated to hear oral arguments on Jan. 10 over whether or not the law should be upheld.

Meanwhile, several entrepreneurs have launched a bid to purchase TikTok, including Shark Tank’s Kevin O’Leary.

“This isn’t just about buying TikTok’s U.S. assets,” he wrote in a Jan. 6 message on X, formerly Twitter. “It’s about something much bigger: protecting the privacy of 170 million American users.”

O’Leary continued, “It’s about empowering creators and small businesses. And it’s about building a platform that prioritizes PEOPLE over algorithms. TikTok has immense potential, not just as a tool for creators but as a driver of meaningful economic and social impact.”

However, O’Leary said he’ll likely need an assist from President-elect Donald Trump, who will be sworn into office on Jan. 20.

“Trump will be who we have to work with to close the deal in the months ahead,” he explained during a Jan. 6 appearance on Fox News’ The Story with Martha MacCallum, per The Wrap. “So, I wanted to let him know—as well as others in his cabinet—that we’re doing this, and we’re going to need their help.”