Speaker of the Lagos State House of Assembly, Rt Hon Mudashiru Obasa, has said that the Lagos State Harmonised Taxes and Levies Bill when passed into Law will enhance electronic payment of taxes and levies to eliminate illegal collection of the same.
He made the remark during the public hearing on a Bill for a Law to Enact Lagos State Harmonised Taxes and Levies Law for Collection of Taxes and Levies by the State and Local Government Councils and For Related Matters.
Represented by the deputy speaker, Mrs Mojisola Lasbat Miranda, he said the essence of the proposed legislation is to establish a harmonised, transparent and legally approved framework for the collection of taxes and levies within Lagos State and across the local government councils.
According to him, taxation remains the lifeblood of governance as it is through responsible revenue generation that government is able to provide critical infrastructure, improve public services, strengthen institutions, and deliver sustainable development for the people through construction of roads, schools, provision of healthcare facilities, security architecture, transportation systems, environmental initiatives and other developmental projects.
Obasa noted that one of the major objectives of the bill is to harmonise taxes and levies in order to eliminate duplication, confusion, and multiple taxation which have, over the years, constituted serious concerns for residents, businesses, and investors within the state.
He also disclosed that the proposed law clearly defines and streamlines the approved list of taxes and levies collectible by the state and local government councils. In doing so, it creates clarity for taxpayers, while also ensuring that only legally authorised agencies and bodies can collect such revenues.
Majority leader of the House, Noheem Adams, said that the bill focuses on transparency, accountability, simplified revenue collection, electronic payment and mandatory issuance of receipts.
In his remarks, chairman, House Committee on Finance, Femi Saheed, said that the proposed Bill will ensure strict enforcement of tax and levies law such that Illegal collection of levies will attract sanctions including payment of fines and imprisonment or both.
He said taxes and levies applicable to individuals and businesses will depend on income and size of such businesses.
