Business
Lagos State Plans to Tax Remote Workers to Boost Revenue to N5 Trillion
The Lagos State government has unveiled a plan to impose taxes on remote workers, aiming to generate approximately N200 billion from the digital sector and other revenue sources.
This initiative is part of a broader strategy outlined in a recent document released at the Eko Revenue Plus Summit.
The government’s objective is to boost Lagos State’s internally generated revenue (IGR) to N5 trillion during the current administration.
Achieving this ambitious goal requires a multifaceted approach that includes harnessing technology, enhancing tax administration, broadening the tax base, and exploring new sources of revenue, particularly within the digital ecosystem.
The strategy also involves optimizing existing processes and seeking innovative non-tax revenue opportunities.
In recent years, Lagos has consistently led in IGR performance. According to the National Bureau of Statistics, the state achieved the highest internal revenue collection in 2022, totaling N651 billion.
This new plan reflects the government’s commitment to leveraging technological advancements and expanding revenue streams to sustain and grow its financial resources.
The US Dollar and Bitcoin rise again as Trump reportedly wins the presidential election with 279 Electoral College votes against Kamala Harris’s 22. Major investors have now returned and do no longer need to be cautious.
Investors now anticipate Trump’s policies economically, Dollar has now strengthen again and is now against Euro and Pound which were gaining benefits over Dollar being weak. With Trump’s win, crypto and Bitcoin have strongly risen and are set with expectations higher prices and a boost in U.S savings returns.
The Upcoming United State Presidential has caused USD to be weak due to the investors being cautious of the outcome. Meanwhile other countries are gaining strength in their currency and benefitting from this weakness. Euro and GBP keeps rising and gaining against USD.
Gold prices still remain stables despite the recent deadline and the Australian inflation keeps rising. Markets are now watching the political movement to serve as guidance.
Security Expert, Dr. Kingsley Aguoru has advised the Central Bank of Nigerian (CBN) and Economic and Financial Crimes Commission (EFCC) to stop the use of online transactions through Card Pins as it results to a security risk.
He emphasized the risks we can be exposed to, phishing and cyber threats, he states that the use of one-time passwords can serve as an aid in this to better the security.
The expert shares that pins are only safe when in use for ATM and Pos but not online, due to cyber risks. He expressed that information can be leaked from the continuous use of sharing pins online.
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