Lagos rakes in N25b revenue in December 2016

Lagos State raked in N25 billion revenue last year December notwithstanding the general slowdown of economic activities associated with year-ends.The Executive Chairman of the Lagos Inland Revenue Service (LIRS), Ayodele Subair, said this yesterday and maintained that his target is N30 billion revenue this month and subsequent months.

Subair commended the ambition of Governor Akinwunmi Ambode, who is eyeing N1 trillion budget for next year. This, he said, has made the LIRS to set a new target of N50 billion monthly revenue collection in 2018.

According to the LIRS chief, “This means that the state government would intensify its tax drive henceforth, including the widening of its “dragnet,” to enlist new taxable individuals.

Subair, who was speaking during the yearly Tax Week 2017, organised by the Lagos District Society of the Chartered Institute of Taxation of Nigeria (LDS-CITN) with the theme “Economic Recession: Taxation as a Survival Roadmap,” admitted that though the task is daunting, it is doable and requires thinking outside of the box.

Describing the N25 billion earnings in December as a miracle, he said going forward, the service was working on integrating the databases of all government agencies to ensure that the right questions are being asked at all times, just as proper trails are being followed.

He also said LIRS would integrate its processes with the land bureau for land use charge to enhance collection of appropriate revenue, just as there are plans to “encourage whistle blowing.”

Another move Subair is expecting to boost revenue is the Bank Verification Numbering (BVN) that could help track as many transactions as possible.He urged Nigerians to keep proper records, make true declaration and pay the appropriate taxes at all times, just as he appealed for voluntary compliance from all to enable government perform its responsibilities.