✕ CLOSE Online Special City News Entrepreneurship Environment Factcheck Everything Woman Home Front Islamic Forum Life Xtra Property Travel & Leisure Viewpoint Vox Pop Women In Business Art and Ideas Bookshelf Labour Law Letters
Click Here To Listen To Trust Radio Live
SPONSOR AD

Ogun cuts stamp duty by 5%, records N17bn IGR

The Ogun State Internal Revenue Service (OGIRS) has reduced the direct assessment tax payable on stamp duty by five percent, from 17% earlier to 12%…

The Ogun State Internal Revenue Service (OGIRS) has reduced the direct assessment tax payable on stamp duty by five percent, from 17% earlier to 12% just as it recorded N17.9 billion as Internally Generated Revenue (IGR) in the first six months of this year.

The Executive Chairman, OGIRS, Olugbenga Olaleye disclosed this at the 2021 Second Quarter Revenue Performance Review in Abeokuta.

He said the reduction was meant to encourage taxpayers and boost revenue generation.

Special Adviser to the Governor on Revenue, Jide Sanwo urged all Zonal Coordinators and Tax Office Managers to effect the percentage reduction on their work templates.

He charged them to work harder in their various beats to achieve the targeted revenue figure of N75 billion in 2021.

Meanwhile Olaleye who also appeared before members of the State House of Assembly Committee on Finance and Appropriation during the ongoing budget performance appraisal, said the agency recorded N17.9bn Internally Generated Revenue (IGR) in the last six months.

The official said the amount represents over 47% performance, which “is a positive variance for the corresponding period of the agency’s performance in the last three years.”

Olaleye recalled that the revenue performance reflected a positive variance of N2.83bn compared to the N15.11bn generated in 2020 and N2.86bn in 2019.

Join Daily Trust WhatsApp Community For Quick Access To News and Happenings Around You.

Do you need your monthly pay in US Dollars? Acquire premium domains for as low as $1500 and have it resold for as much as $17,000 (₦27 million).


Click here to see how Nigerians are making it.