LIRS Begins Implementation of Capital Gains Tax Deduction

Lagos State Internal Revenue Service (LIRS) on Thursday, 3rd January 2019 issued a public notice appointing employers and payers of capital sums as collecting agents of payees for the purpose of deducting and remitting Capital Gains Tax (CGT) due on the respective capital sums paid including but not limited to compensation for loss of employment.   This public notice purports to give full implementation to the earlier public notice issued in 2017 where LIRS clarified its position on the taxability of compensation for loss of employments. 

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