 The Lagos State Internal Revenue Service has issued a public notice to provide clarifications on the revised definition of gross income and exemption from a minimum wage. This is pursuant to the amendments introduced by Finance Act 2020 to the PIT Act CAPPA P8 LFN 2004 as amended. Based on the definition of gross income in section 33 subsection 2 of PITA, taxpayers are required to deduct tax-exempt items listed in paragraph 2 of the sixth schedule, non-taxable income and all allowable business expenses and capital allowance. The LIRS urges taxpayers to ensure that their payroll register or application in use for pay-as-you-earned tax computations complies with the new definition of gross income and the exemption of minimum wage. Hello, hope you enjoyed the news, please do subscribe to our YouTube channel and don't forget to hit the notification button so you get notified about fresh news updates.