The Lagos State government has announced a plan to generate N200 billion annually by expanding its income tax base to include remote workers and utilizing digital solutions for improved revenue collection. This initiative is part of a broader goal to increase the state’s internally generated revenue (IGR) to N5 trillion under Governor Babajide Sanwo-Olu’s administration.<\/p>\n
<\/p>\n
#### Key Points:<\/p>\n
<\/p>\n
1. Digital Economy Taxation:<\/p>\n
– Introduction of a Resident Global Digital Citizen Tax Management System.<\/p>\n
– Targeting remote workers, foreign firms, and digital influencers.<\/p>\n
– The system will include accreditation and licensing of digital economy operators, supported by an e-Portal, Market Place, and Recovery Platform.<\/p>\n
– Estimated budget for this initiative is N250 million.<\/p>\n
<\/p>\n
2. EKO Revenue Plus Summit:<\/p>\n
– Scheduled for September 25-26, 2024, with the theme “Unlocking New Revenue Streams for Lagos State”.<\/p>\n
– The summit will discuss strategies to raise N5 trillion IGR, focusing on technology and expanding the tax base.<\/p>\n
<\/p>\n
3. Revenue Streams:<\/p>\n
– The digital economy sector aims to generate N200 billion annually from about two million people.<\/p>\n
– Four core sub-sectors identified for additional revenue generation: Property Industry, Digital Economy, Informal Sector, and Circular Economy.<\/p>\n
– The Property Industry is expected to generate N1.5 trillion.<\/p>\n
– The Digital Economy is projected to add N750 billion.<\/p>\n
– The Informal Sector is anticipated to bring in N460 billion.<\/p>\n
– The Circular Economy is expected to contribute N20 billion.<\/p>\n
<\/p>\n
4. Goals and Implementation:<\/p>\n
– The initiative seeks to leverage technology, strengthen tax administration, and explore new revenue streams.<\/p>\n
– Plans to create a substantial financial foundation for Lagos State through innovative approaches and optimization of existing processes.<\/p>\n
<\/p>\n
Lagos State’s ambitious plan reflects its commitment to leveraging the digital economy and other sectors to significantly boost its revenue, positioning itself as a forward-thinking and financially robust state.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Lagos State government has announced a plan to generate N200 billion annually by expanding its income tax base to include remote workers and utilizing digital solutions for improved revenue collection. This initiative is part of a broader goal to increase the state’s internally generated revenue (IGR) to N5 trillion under Governor Babajide Sanwo-Olu’s administration. […]<\/p>\n","protected":false},"author":13,"featured_media":41081,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[172],"tags":[],"class_list":["post-41078","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/41078","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=41078"}],"version-history":[{"count":1,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/41078\/revisions"}],"predecessor-version":[{"id":41082,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/41078\/revisions\/41082"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/41081"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=41078"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=41078"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=41078"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}