Lagos Introduces Tax on Remote Workers to Increase IGR
Lagos to tax remote workers to boost revenue...
Lagos State government sets sights on remote workers and digital economy to boost revenue, aiming to generate N5 trillion in IGR and solidify its position as Nigeria's leading state in internal revenue generation.
The Lagos State government has unveiled ambitious plans to tap into the lucrative world of remote work and digital revenue streams, targeting a whopping N200 billion in earnings. This revelation was made public through a document released at the Eko Revenue Plus Summit, showcasing the government's strategic roadmap for boosting its finances.
As part of its broader revenue diversification strategy, the Lagos State government is setting its sights on generating a staggering N5 trillion in Internally Generated Revenue (IGR) from four critical sectors, with the digital ecosystem being a key focus area. This bold move aims to harness the vast potential of the digital economy and remote work to drive sustainable growth and development in the state.
“Increasing Lagos State IGR to 5 Trillion Naira in the life of the current administration requires a comprehensive and innovative approach that leverages technology, strengthens tax administration, expands the tax base and explores new revenue stream options, especially in the non-tax areas, while optimizing the existing processes,” it said.
Lagos State has solidified its position as a trailblazer in Internally Generated Revenue (IGR), consistently outperforming other states in Nigeria. According to the National Bureau of Statistics (NBS), Lagos has maintained its top spot in IGR generation over the past year.
In 2022, Lagos State achieved a remarkable feat, generating a record-breaking N651 billion in internal revenue. This impressive figure underscores the state's economic resilience, innovative revenue generation strategies, and its pivotal role as a hub for commerce and industry in Nigeria.
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