Ogun State Internal Revenue Service says it has generated a total of N11.804 billion as revenue in the first quarter of this year.
This represents 83.86 per cent of the N14.076bn expected for the period.
The chairman, Olugbenga Olaleye, disclosed this while presenting the agency’s 2022 budget performance for the first quarter before members of the State House of Assembly Committee on Finance and Appropriation at the Assembly Complex in Abeokuta.
Olaleye, who was represented by a board member and Special Adviser to the Governor on Corporate Development and Legal Services, Hon. Biodun Adeleye, explained that the generated revenue was 129% higher than N9.143bn raked in for the same period as of March 2021. He also said the figure excluded N4.7bn expected from tax audit for the period under review.
Adjudging the performance as the best in the last three years despite the COVID-19 challenges and downturn in the global economy, Olaleye said there are plans to shore up revenue through the replacement of 17% average Personal Income Tax (PIT), with a flat rate or 0.5% on corporate land transaction value to encourage ease of doing business and attract more potential investors.
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