The state Commissioner for Finance, Dr Rabiu Olowo, gave the assurance on Thursday while welcoming officials of the Internal Revenue Service, Abuja, on a work-study to Lagos.
He noted that the reform law was remarkably different from the Land Use Charge of 2018, adding that the need to make the Act people-friendly informed its various provisions such as the 40 per cent general relief, a waiver for pensioners and discount on early payments among others.
The Commissioner, represented by Director, Administration and Human Resources, Ministry of Finance, Mr Haruna Ayodiji, harped on the need for increased internally generated revenue at all tiers of government, through effective and innovative taxes in order to shore up the dwindling revenue of the government.
He said, “There is an urgent need to improve the amount of revenue generated internally to provide the government with the much needed revenue to meet the huge infrastructural deficit.
“The Land Use Charge Law, which is a property tax, will help in bridging the revenue gap even as it is designed to be people-friendly.”
Olowo pointed out that the LUC law would help in eliminating incidents of multiple taxations while boosting revenue generation and consolidation through efficient identification of property as well as effective collation of data and information on land property in Lagos.
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