For the year 2016, the Lagos State Government generated N312.820billion Internally Generated Revenue (IGR).
Speaking during an interactive session with Journalists on Monday, Commissioner for Finance, Mr. Akinyemi Ashade,explained that the new IGR, represented 75 per cent of government’s projection and 72 per cent of total revenue.
Ashade explained that the State Revenue Service (LIRS), in 2016, raked in N247.022 billion, representing 80 per cent of the estimate, 79 per cent of the total IGR and 57 per cent of total revenue, compared to N225.041 billion, which represented 81 per cent of the estimate, 79 per cent of IGR and 56 per cent of total revenue in 2015.
He ascribed the success to reforms, adding that the reforms included a revision of tax Form , which he said was redesigned from a six-page modular 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 per cent statutory incentive for voluntary compliance and self-assessment.
Ashade said LIRS was listing tax payers in the informal sector in the 57 local government and Local Council Development Areas (LCDAs) to build a robust data base that would enable the government increase revenue generation capacity.
He said: “We have continued to make use of advocacy and publicity campaigns to enlighten tax payers on the payment process and procedures.
