From: Laide Raheem, Abeokuta
The Ogun State Internal Revenue Service (OGIRS) says it has captured 45 high net-worth individuals into tax net and rake in over N500 million from such individuals, increasing number of tax payers in that category from 2 to 45.
OGIRS, which attributed the tax feat to the massive investment in infrastructure and effective security mechanism put in place by the Ibikunle Amosun-led government in the state, said more high net-worth individuals living and working Ogun State were being captured in the tax net to increase revenue being generated from personal income tax and Pay-As-You-Go.
Chairman of OGIRS, Adekunle Adeosun, made this disclosure in a chat with newsmen, on Thursday, in Abeokuta, the state capital.
Adeosun recalled that prior to Amosun’s administration, Ogun State generated less than N800 million as monthly internally generated revenue noting Amosun had raised the IGR between N5 billion and N8 billion in a month, with the largest percentage coming from personal income tax.
He added that though the federal government, through the Federal Ministry of Finance in conjunction with the Federal Inland Revenue Service (FIRS), recently launched Voluntary Assets and Income Declaration Scheme (VAIDS) as well as profiling the high networth individuals for tax purposes, the tax drive and campaign had started in Ogun before the campaigns were launched nationwide.
Acknowledging that Ogun State hosts the largest number of manufacturing companies and the preferred destination of inflow of Foreign Direct Investment (FDI) into Nigeria, Adeosun, however, wondered how the state regarded as the largest industrial hub in the country would not be credited with accounting for over 55% of VAT collection in Nigeria.
“We all know that VAT reporting is done from the head offices of most corporate organisations and we know where the head offices of these organisations are. There is need to change the narratives on VAT collections and give equitable recognition to the appropriate states as it is done with oil.” he submitted.