Lagos State Generates N120bn From Tax in 6 MonthsBusiness, Latest News Thursday, July 31st, 2014
The Lagos State Internal Revenue Service (LIRS) on Thursday said it generated more than N120 billion from taxation between January and June this year.
Mr Tunde Fowler, the Executive Chairman of the agency stated that 90 per cent of the taxes were generated from the organised private sector and civil servants.
Fowler said that the remaining 10 per cent came from the informal sector, mostly market women, artisans, commercial drivers and taxable individuals in the state.
He said the state had relied on the Internally Generated Revenue (IGR) to implement its budget following the dwindling statutory allocations.
The increase in the IGR, according to the chairman, rose to N237 billion in 2013 from N15 billion in 1999, which were the fallouts of sustained mobilisation and tax education in the state.
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