The Lagos State government has rolled out an ambitious plan to generate N200 billion annually by broadening its income tax base to include remote workers and utilizing digital solutions for improved revenue collection.
According to the synopsis document for the EKO Revenue Plus Summit, which is slated to hold on September 25th and 26th, 2024, with the theme “Unlocking New Revenue Streams for Lagos State,” the southwestern state aims to raise N5 trillion in internally generated revenue (IGR) from four major sectors.
One of these key sectors is the digital economy. Lagos State intends to introduce a Resident Global Digital Citizen Tax Management System, which will target remote workers, foreign firms, and digital influencers. This innovative approach is expected to tap into the growing digital workforce and ensure a more inclusive tax collection process.
The EKO Revenue Plus Summit is anticipated to bring together policymakers, industry leaders, and experts to discuss and strategize on unlocking new revenue streams for Lagos State. The introduction of the Resident Global Digital Citizen Tax Management System highlights the state’s proactive measures to adapt to the evolving economic landscape and ensure sustainable revenue growth.
By expanding its tax base to include remote workers and leveraging digital solutions, Lagos State is positioning itself as a forward-thinking state committed to maximizing its revenue potential while fostering economic development and growth.