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The Chartered Institute of Taxation of Nigeria has praised the recent launch of the Lagos State Revenue Portal by the state government, stating that it will enhance the state's revenue.
The President and Chairman of the CITN, Samuel Agbeluyi, commended the initiative as crucial for fostering confidence in the fiscal management and governance practices of the state government, particularly around internally generated revenues.
Lagos State Governor, Mr Babajide Sanwo-Olu, launched the Lagos Revenue Portal on Thursday, in a bid to simplify the non-tax payment process by residents and corporate entities in Lagos State.
+Agbeluyi said the launch of the portal, leveraging technology, had the potential to improve tax and other regulatory payments compliance levels, as simplifying the process would result in improved revenue collections for the state.
He noted that in many states, multiple agencies often approach taxpayers and business owners with numerous bills, creating a compliance burden and increasing the cost of doing business.
According to him, this situation results in revenue losses and lower collection rates.
Agbeluyi said, "The LRP consolidates all these bills under one platform to simplify payments and administration, thereby enhancing the process for the taxpayer and the government.
"We encourage other sub-national entities within the federation to emulate this innovative initiative by the Lagos State Government and other states that have implemented similar schemes.
"This initiative would not only promote revenue reporting and accounting but also fiscal prudence and enhance the delivery of democratic dividends to the populace."
He further mentioned that this development aligned revenue collection with global best practices, enhanced the ease of doing business, improved revenue monitoring, aided strategic decision-making, and promoted a more professional and efficient revenue administration system.
"We urge government at all levels to continually evolve measures to engender confidence in its activities and build trust with the populace," he noted.
