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.

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.