Lagos State plans to raise N200 billion annually by taxing remote workers, digital influencers, and foreign firms. The EKO Revenue Plus Summit outlines strategies including a new tax management system and digital economy initiatives. Critics worry about negative impacts on business attractiveness and living costs.
The Lagos State government has announced a bold strategy to secure N200 billion annually through new taxes on remote workers, digital influencers, and foreign firms. This initiative, part of the EKO Revenue Plus Summit’s goals, includes a Resident Global Digital Citizen Tax Management System and a comprehensive digital economy strategy. Key components involve a new tax management system, digital service monetization, and fintech development, with an estimated cost of N250 million and expected revenues reaching N750 billion annually from various digital economy sectors.
The announcement has stirred diverse reactions. Critics argue that this move could hinder Lagos' attractiveness for remote work, potentially driving businesses away and impacting employment. They also express concerns about the financial burden on remote workers, citing the already high cost of living and unreliable infrastructure in Lagos.
Some suggest that the government should focus on improving the business environment and providing tangible benefits before implementing new taxes. On the other hand, proponents believe this strategy is a necessary step to boost Lagos' revenue and address fiscal challenges, despite the complexities involved.
As the EKO Revenue Plus Summit approaches, stakeholders and residents await further details on the implementation and potential impacts of this ambitious tax plan.
