Lagos Internal Revenue Service, LIRS, raked in N24.5 billion as the state’s Internally Generated Revenue (IGR) for January this year, the state Finance Commissioner, Mustapha Akinkunmi has said.
The commissioner, who spoke on Tuesday, March 9, during a media briefing ahead of the state’s tax reforms launch, said the January figure constitute 98 per cent performance target for the month and a 12 per cent rise when compared with last year’s figure for same period.
Akinkunmi explained that despite the tough national economic conditions faced in last year by the country, the state was able to raise its revenues mainly through taxes, with the LIRS contributing 79 percent to IGR in 2015.
He said: “This equated to 56 percent of the state’s total revenue, including Federal Transfers. The total revenue achieved in 2015 was just short of N400 billion and is expected to continue growing, driven by strong tax collection.
“This administration has been able to make significant investment in security apparatus across the state and has provided street-lighting across the state. We are reducing costs through investment in technology which is a powerful tool for cost reduction through efficient administration,” he said.
LIRS Executive Chairman, Olufolarin Ogunsanwo said the agency has initiated reforms that would improve the ease of doing business in the state which has also boosted voluntary tax compliance. He said government was already working to bring more members of the informal sector into the tax net, adding that the Tax Returns Form had been reduced to two pages as against the six pages document hitherto in operation.
He also said the agency, in an effort to bring efficient service delivery closer to the people, has commissioned two new tax offices in Tejuosho and Sangotedo, even as efforts are being made to open two additional tax stations within Amuwo Odofin/Festac and Alimosho axis.
-bizwatchnigeria