Tegsol Consulting
Lagos State Internal Revenue Services- LIRS and Employee Loan Tax Matters

TAXATION OF EMPLOYEE LOAN – LAGOS STATE PUBLIC NOTICE

One business issue that has been in contention is employee loan taxation. Over time there has been different opinions and perspectives as to how loans granted by organizations to their employees should be perceived and treated. The argument has been centered around the opinion that such loans especially when granted as interest free loans should be regarded as benefits to the employee and thus Tax should be applied on it. The Lagos State Internal Revenue Services (LIRS), recently released a public notice on the above subject matter. See below the notice as released by LIRS. Click here to contact us for more information and clarification.

 

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