Governor Babajide Sanwo-Olu on Tuesday said there is currently no multiple taxation in Lagos State revenue system.
According to him, his administration will always improve on the ease of doing business in the state rather than stifle the economy with loaded taxes.
He disclosed this while receiving the Executive Chairman, Federal Inland Revenue Service, (FIRS) Mr. Muhammad Nami at his office.
“We will make sure that there is the ease of doing businesses, especially start-ups, that are always scared that they have multiple taxation. There is nothing like multiple taxation in Lagos”.
“It is clear that they are exempted but that doesn’t stop them from doing proper filing and ensure transparent reporting at whichever level of their business”.
“We will also use this opportunity to encourage our citizens that it is only when they play their own part as responsible citizens both at the corporate and individual level that the government can come up and discharge its responsibilities.”
Sanwo-Olu also stressed that development can only take place in a state when taxes are promptly paid by the citizens.
“It is only when we collect reasonably amount of tax that we can introduce development both at the infrastructure level and more importantly on security so we cannot but ensure that we collaborate and corporate with you,” he added.
The Governor promised that Lagos State Government would continue with the existing relationship and further collaborate with the Federal Inland Revenue Service in sharing information to aid revenue collection and ensure deliverables were met.
Responding to the FIRS Boss on the N8.5 trillion target set by the President, Governor Sanwo-Olu said the country has the capacity to generate such amount but warned that it must be done cautiously.
Also speaking on the ongoing Federal Account Allocation Committee (FAAC) 2020 meeting holding for the first time in Lagos, Sanwo-Olu said it was an opportunity to deliberate on the proceeds that State gets from the Federal Government was used judiciously.
Sanwo-Olu lauded the Federal Government for considering the start up businesses in the exemption threshold on taxation.
Nami said the aim of the visit was to ensure effective performance of the service in meeting its target and in its request to share information, collaborate in building capacity as well as engage the private sector on the Value Added Tax collection.
The Executive Chairman, Federal Inland Revenue Service, said the aim of the visit was to ensure effective performance of the service in meeting its target and in its request to share information, collaborate in building capacity as well as engage private sector on the Value Added Tax collection.
