Ogun Revenue Agency Rakes In Over N17.9billion Revenue In Six Months - EDU-BIZNEWS


Wednesday, August 4, 2021

Ogun Revenue Agency Rakes In Over N17.9billion Revenue In Six Months

Ogun State Internal Revenue Service OGIRS says N17.93billion revenue was realized between January and June this year's for the state

The amount represents 47.83percent performance of the N37.5billion projected revenue for the mid-year of the fiscal year

Executive Chairman of OGIRS, Mr.Olugbenga Olaleye  revealed this on Wednesday during the mid-year budget appraisal of the agency by the Finance and Appropriation Committee of the State House of Assembly in Abeokuta 

The Chairman disclosed that efforts were in top gear for the Agency to commence Tax Audit to further boost its revenue generation efforts to the tune of N9.4bn

He added that there was introduction of technology-driven policies to ease tax compliance being done for the period to further boost its performance to 63.45percent 

The OGIRS boss explained that the tax audit set out to raise tax assessment on tax payers, improve tax compliance check on tax payers, while achieving holis

Olaleye listed the breakdown of the revenue generated to include N12.26billion personal taxes, N201.4million from stamp duty collection, N13.1million capital gain tax, N63million road taxes, N742.2million withholding taxes, N3.27billion tax Investigations, N670.1million direct assessments, N158.3million consumption tax, N91.2million on pool betting and casino, N310.8million from issuance of motor vehicle licences, N110.5million drivers licenses as well as N7.2million from trailers and tippers permit and N26.35million realized from development levies  

According to him, the amount generated is N2.83billion higher than N15.11 billion generated in the corresponding period of the 2020budget and N2.86 billion better than 2019 budget within the period under review

His words,"The half year performance for 2021 is the best in the last three years despite the current COVID-19 challenges and downturn in Worldwide economies

Olaleye however assures that the plan are under way to shore up the revenue in the remaining months of the year to achieve the N75billion targeted for the fiscal year

The OGIRS boss promised to intensify more effort to ensure full compliance with tax law, opening of additional road taxes in strategic locations in border areas as well as work on more enforcement drives on PAYE defaulters 

He added that the agency would embark  on joint enforcement excercise on road taxes with other sister  agencies including, Federal Road Safey Corps FRSC, Vehicle Inspection Officers VIO and Traffic Compliance and Enforcement Corps TRACE amongst others to improve on the revenue collection performance 

Responding, the Chairman, Assembly Committee on Finance and Appropriation, Sobunkanla in company of Honourables Ganiyu Oyedeji, Damilola Soneye and Abdul Bashir Oladunjoye lauded the agency's performance in improving the State's revenue, assuring of more legislative support towards accomplishing its target.

The Lawmakers also appraised the budget performances of the State Ministry of Budget and Planning as presented by the Permanent Secretary, Mrs Funmilayo Dada and that of the Finance Ministry as reeled out by its Permanent Secretary, Hassan Adekunle.

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