Targets real estate, transportation sectors, and markets.
More tax is in the offing as the Lagos State Government revealed that it is expanding its tax net to meet a target of ₦60.31bn monthly Internally Generated Revenue, IGR.
This is coming on the heels of earmarking ₦15bn for the #Rebuild Lagos Project due to the aftermath of the #EndSARS protest. Recall that the state recorded the destruction of both public and private facilities.
Taxmobile.Online gathered from a statement released on Thursday 7th January 2020 by the state Commissioner for Economic Planning and Budget, Sam Egube, while giving a breakdown of the 2021 budget that the total IGR for 2021 is ₦723.817bn, with ₦60.31bn to be generated monthly.
Egube said a significant percentage of the projected IGR of ₦512bn would be contributed by the Lagos Internal Revenue Service while the deficit of ₦192.494bn was projected to be funded by a combination of internal and external loans.
“We shall achieve this by expanding the tax net and simplifying the tax process, improving our transaction taxes and the appropriate use of technology in addition to improving the work environment, training, and tools of our tax administration personnel. This will improve the efficiency in operations of all revenue-generating agencies.
The rest of the commissioner’s statement:
“We believe that there are huge revenue-generating opportunities in the state, including real estates, transportation sectors, and our markets generally. We will continue to use data and intelligence to unravel revenue opportunities and leakages,” he added.
The state government would continue to maintain a conservative posture in its projection for federal transfers/receipts given the production challenges in the oil sector by keeping expectations at ₦175bn.
On science and technology, the sum of ₦23.502bn had been budgeted for building and upgrading of IT infrastructure statewide, e-GIS land automation system, single billing system, and ease of tax payment, levies, and other revenue enhancement initiatives.