Lagos reviews tax law, to settle disputes
To further simplify the tax process and improve ease of doing business in the state, the Lagos State Internal Revenue Service (LIRS) has reviewed the state tax provisions to identify contentious areas in the interpretation of the tax laws.
The objective of the exercise, according to a government source, is to ensure adherence to existing provisions by providing absolute clarity in treatments of tax reliefs on voluntary pensions contributions, allowance interest deductions on owner-occupied residential houses, exemption arrangements, taxation of employee loan, taxation of employee share/stock options and other elements of taxation reviewed in the exercise.
The state government stated that the review will address the myriad of tax disputes that arise between the Lagos State Internal Revenue Service and taxpayers or their representatives, as well as strengthen the agency’s position as an efficient revenue agency that provides high quality and transparent customer oriented services.
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