OGUN State Internal Revenue Service (OGIRS) yesterday said it made N500 million from Personal Income Tax (PIT) by capturing 43 high networth individuals in the tax basket.
The revenue agency said individuals captured were two, but it is now 45.
OGIRS Chairman Adekunle Adeosun addressed reporters in Abeokuta, the state capital, on his effort to boost revenue through taxes.
The chairman spoke on the entry of 43 high networth individuals into the tax net, saying the feat was achieved through Governor Ibikunle Amosun’s administration team work.
Adeosun said some of the high networth payers remitted N10 million or more to the government on personal income tax, either through direct assessment or by the Pay-As-You-Earn (PAYE) scheme.
According to him, two high networth individuals paid over N20 million each as tax, while another paid over N40 million.
Prior to the advent of Amosun’s administration in May 2011, Ogun State generated between N730 million and N750 million, rising to an average N5 billion and N8 billion per month, with the largest percentage coming from personal income tax.
The OGIRS chairman said the Federal Ministry of Finance, in conjunction with the Federal Inland Revenue Service (FIRS), recently launched Voluntary Assets and Income Declaration Scheme (VAIDS) as well as the profiling of high net worth individuals for tax purposes.