The FIRS yesterday signed a Memorandum of Understanding (MoU) with the Lagos Internal Revenue Service (LIRS).
The MoU signing ceremony took place at the State House, Marina, Lagos State, and was executed by the Executive Chairman, FIRS, Mr. Muhammad Nami, and the Executive Chairman, LIRS, Mr. Ayodele Subair. It was witnessed by the Honorable Minister of State, Budget and National Planning, Prince Clem Agba as well as the Lagos State Governor, Mr. Babajide Sanwo-Olu.
Highlights of the MoU Signing Ceremony
The FIRS and LIRS will carry out joint audit and investigation as well as conduct automatic exchange of information for gathering data for the purpose of tax administration.
An administrative framework for the implementation of a presumptive tax regime for the purpose of Personal Income Tax and also Ground Rent administration in Lagos State will be put in place. A regulation is being put together by the FIRS and Ministry of Finance, Budget and National Planning, which would be issued by the Honorable Minister in due course.
The two tax authorities will collaborate on Capacity Building.
The major objective of this collaboration is to raise enough funds for Lagos State government and the Federal Government to be able to fund their budgetary requirements.” — Muhammad Nami
“Civilisation globally does not happen by accident, people or citizens of various jurisdictions, states and countries globally make it happen through the taxes they pay.” — Muhammad Nami
Without funds received by the government through taxes, governments all over the globe would not be able to provide critical infrastructures such as roads, hospitals, internationally rated airports, schools and be able to cater for security and safety of their citizens.” — Muhammad Nami
The Lagos State Governor, Mr. Babjide Sanwo-Olu believes that with this collaboration, the State is on track to rise above its N1.7 trillion budget to within the region of four to five trillion Naira yearly.
