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Business News of Sunday, 14 November 2021

Source: punchng.com

Ekiti targets N1.5b IGR, expands tax net to hotels, schools

File photo to illustrate the story File photo to illustrate the story

The Chairman, Ekiti State Internal Revenue Service, Mr Muyiwa Ogunmilade, has said the state is capable of generating N1.5bn revenue monthly without burdening anyone.

Ogunmilade, who said efforts of the agency had increased the state Internally Generated Revenue from the N400m monthly to N850m, added that the target was achievable through expansion of the tax net to capture more people and organisations evading tax.

The tax chief, who spoke during an interactive session in Ado Ekiti said, “The government is also looking for ways to deepen its economic activities by wooing investors and attracting establishment of more private universities and employment generating businesses to Ekiti to widen tax payment.

“We are also looking inwards and revamping our moribund industries. For instance, Nigeria requires 1.7 million litres of milk to cater for daily consumption and only 30 per cent is produced locally. This shows that we must work quickly on our Ikun Dairy Farm with Promasidor Nigeria Limited to fill that gap.”

Ogunmilade said the agency succeeded in shoring up the state’s IGR through ‘tax net,’ where some businesses such as hotels and schools, as well car wash facilities were registered and made to start paying taxes.