In line with the Nigeria Tax Administration Act (NTAA) 2025, the Lagos State Internal Revenue Service (LIRS) requires all taxpayers to report changes to their personal or business information promptly.
The Rule in Simple Terms
Section 9 (1) & (2) of the Nigeria Tax Administration Act (NTAA), 2025 states that if your business or personal details change, you must inform the LIRS within 30 days.
What counts as a change?
- Your trading name or business location.
- Your email or registered address.
- Ownership changes, such as anyone getting 5% or more shares in a company.
- Details of trustees or beneficiaries in a trust.
- Contact information for all partners in a partnership.
- Major business events like sales, mergers, or liquidations.
Penalties for Not Notifying LIRS
Where LIRS is not notified of such a change within 30 days, in accordance with Section 112 of the Nigeria Tax Administration Act (NTAA), 2025, an administrative penalty of ₦100,000 will be imposed for the first month of default, and ₦5,000 for each subsequent month the failure persists
Key Takeaways: You must update your tax profile within 30 days of any change in address, name, or ownership, or face a ₦100,000 initial penalty followed by ₦5,000 for every month the record remains uncorrected.
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