Lagos State governor, Mr Babajide Sanwo-Olu, on Tuesday reiterated that there is currently no multiple taxation in State Revenue System, even as he assured that his administration would always improve on the ease of doing business in the state rather than stifle the economy with loaded taxes.
The governor stated this during a courtesy visit to Lagos House, Ikeja by the Executive Chairman, Federal Inland Revenue Service (FIRS), Mr Muhammad Nami.
Sanwo-Olu, while placing emphasis on startups, promised to embrace and support the activities of start-ups who were scared of the tax burden associated with businesses.
He also urged Nigerians to pay their taxes regularly in order for the government to attain a balanced development at all levels, which according to him, include social infrastructure, security among others.
The governor also promised that the state government would continue with the existing relationship and further collaborate with the FIRS in sharing information to aid revenue collection and ensure that deliverables were met.
He lauded the Federal Government for considering the start-up businesses in the exemption threshold on taxation.
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“We will make sure that there is the ease of doing businesses, especially start-ups, that people are always scared of 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 levels that the government can come up and discharge its responsibilities.
“Development is by tax and 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 said.
Responding to the chairman of the N8.5trillion target set by the president, Muhammadu Buhari, Governor Sanwo-Olu said the country had 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 states get from the Federal Government was used judiciously.
“I am sure they know clearly that you can live up to those bills and 8.5trillion sounds a lot but they know you have the capacity,” the governor said.
FIRS Executive Chairman, Mr 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 (VAT) collection.
“We feel without this collaboration, we cannot generate this 8.5trillion that we have been mandated by the president to generate,” he said.
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