The Lagos State government has unveiled an ambitious plan to generate N200 billion annually by expanding its income tax base to include remote workers and leveraging digital solutions for enhanced revenue collection.
According to the summary paper for the EKO Revenue Plus Summit, which is scheduled to take place on September 25th and 26th, 2024, with the topic “Unlocking New Revenue Streams for Lagos State,” the southwest state intends to earn N5 trillion in internally generated revenue (IGR) from four primary industries.
One of such sectors is the digital economy, through which Lagos State plans to introduce a Resident Global Digital Citizen Tax Management System, targeting remote workers, foreign firms, and digital influencers.
This system will also involve accreditation and licensing of digital economy operators, supported by a robust platform including e-Portal, Market Place, and a Recovery Platform.
According to the synopsis document, the initiative’s estimated budget is N250 million, covering portal construction, data mining, partnerships, stakeholder engagements, and communications.
The southwest state aims to generate N200 billion annually from about two million people in this area.
