Lagos to shut down headquarters of tax-defaulting companies

The Lagos state government has said it will shut down the corporate headquarters of organisations who have defaulted in remitting statutory taxes. Akinyemi Ashade, the commissioner for finance, said the process will begin on Monday, November 20. In a statement on Sunday, Ashade said some banks have failed to remit statutory taxes including withholding taxes on bank interest for more than 10 years. β€œAll law-abiding corporate organisations are advised to adhere to this directive as the state government has given enough grace period for them to remit their taxes. Read more...

Lagos IGR Rose by N33bn, Says NEITI

The internally generated revenue (IGR) of Lagos State rose by approximately N33 billion from 2015 to 2016, beating 33 states put together. According to a report by the Nigeria Extractive Industries Transparency Initiative (NEITI), the state recorded an IGR of N301.19 billion, a rise of N32.99 billion in one year. The total IGR from 33 states of the federation, excluding Delta, Ogun and Rivers States stood at N299 billion β€” over a billion less than Lagos IGR. Delta, Ogun and Rivers raked in N44.89 billion, N56.30 billion and N82.10 billion respectively. Like his predecessors, Bola Tinubu and Babatunde Fashola, Akinwunmi Ambode, governor of Lagos State, has at various times committed himself to the generation of IGR in the state.

Lagos increases tax revenue by 12% despite economic crunch

Despite economic crunch, the Lagos Internal Revenue Service, LIRS, raked into government coffers N24.5 billion in just one month as part of Internally Generated Revenue, IGR. This came as the Lagos State Government vowed that the era of tax evasion in the state was over. Government said it has put machinery in place to aggressively enforce the tax laws in order to shore up revenue. Commissioner for Finance, Mustapha Akinkunmi disclosed at a news conference organized by the LIRS in Alausa, Ikeja, Lagos, Southwest Nigeria on Tuesday, that in January 2016, the LIRS contributed N24.5 billion in revenue to the coffers of the state government. Read more...