[Lagos]–The sum of N312.820 billion was recorded by Lagos State as Internally Generated Revenue (IGR) in 2016, the state’s Commissioner for Finance, Akinyemi Ashade has said.
The commissioner, who disclosed this on Monday during a press briefing in Alausa, Ikeja, said the figure represented 75 percent of the revenue projection and 72 percent of total revenue for the period, compared to the total revenue for 2015.
The commissioner said Lagos Internal Revenue Service (LIRS) was able to achieve this feat because of strategic reforms introduced in the areas of revenue collection.
He listed these reforms to include, revision of tax form A which he said was redesigned from a six page modular form to a two page form with three language options of Yoruba, English and Pidgin; introduction of electronic submission of annual returns and activation of one percent statutory incentive for voluntary compliance and self -assessment among others.
He said the State Revenue Service (LIRS) generated N247.022 billion in 2016, representing 80 percent of the estimate, 79 percent of total IGR and 57 percent of total revenue compared to N225.041 billion which represented 81 percent of the estimate, 79 percent of IGR and 56 percent of total revenue in 2015.
Ashade said LIRS is currently enumerating tax payers in the informal sector across the 57 Local Government and Local Council Development Areas with the ultimate aim of building a robust database so as to increase the state revenue generation capacity.
He said the tax agency has also commenced the process of deploying technology to report consumption tax transactions online through fiscalisation of consumption tax across the state.Please Follow Us @ThePageNg