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Home Government

Lagos State Government to Generate Tax from Remote Workers

Somto NwanoluebySomto Nwanolue
July 31, 2024
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Lagos State Government to Generate Tax from Remote Workers
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The Lagos State government has revealed its plans to generate an estimated N200,000 billion from remote workers and create revenue streams with the digital ecosystem.

These plans were according to the content of a document Eko Revenue Plus Summit released quite recently.

According to the state government, it was targeting N5 trillion internally generated revenue (IGR) from four major sectors, including the digital ecosystem.

According to the National Bureau of Statistics, Lagos state was leading in the IGR chart, with the state generating the highest internal revenue of N651 billion in 2022 alone.

Table of Contents

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  • What They’re Saying
  • Why It Matters

What They’re Saying

“Increasing Lagos State IGR to 5 Trillion Naira in the life of the current administration requires a comprehensive and innovative approach that leverages technology, strengthens tax administration, expands the tax base and explores new revenue stream options, especially in the non-tax areas, while optimizing the existing processes,” the report read.

Why It Matters

The financial impact of this plan in a remote workers’ finances will depend on several factors. But the workers themselves will need to make adjustments.

When the law is enacted, remote workers in Lagos State will become subjected to income tax. The exact amount will greatly depend on their earnings and the individual tax brackets.

Tags: federal charactergovernmentlagosLagos State Government to Generate Tax from Remote WorkersNewsNigeriaRemoteWorkers
Somto Nwanolue

Somto Nwanolue

Somto Nwanolue is a news writer with a keen eye for spotting trending news and crafting engaging stories. Her interests includes beauty, lifestyle and fashion. Her life’s passion is to bring information to the right audience in written medium

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