By Dayo Johnson

AKURE—GOVERNOR Rotimi Akeredolu of Ondo State has signed into law  the State Revenue Administration bill in a bid to  improve the revenue profile of the state.

Akeredolu

The law provides for the administration and collection of revenue due to the state and local government councils to establish the relevant administrative structures and for matters and purposes connected thereto.

Commissioner for Information, Yemi Olowolabi, said weekend in Akure that the new law would be cited as the Ondo State Revenue Administration Law, 2018.

The law is in compliance with Section 87 of the Personal Income Tax Act 2011 (as amended).

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Olowolabi said: “As a result of the governor’s assent, Ondo State is now in full compliant with the Federal Tax Laws, the various Joint Tax Board resolutions and Nigeria. Governor’s forum decision requesting that the various State Board of Internal Revenue be given financial autonomy to drive the Internally Generated Revenue of the states.

The Ondo State Administration law provides full financial and administrative autonomy to the State Internal Revenue Service.

“The State Internal Revenue Service becomes the sole authority responsible for the collection and reporting of Internally Generated Revenue in the State. The law states clearly the relationship between the state IRS, MDAs and Local Government Authorities in the State. The Ondo State Administration law provides full financial and Administrative Autonomy to the State Internal Revenue Service.

“It makes for the professionalization of the state Board of Internal Revenue Service, with a fixed term of four years for the Executive Chairman renewable once subject to reappointment by the governor and approval of the state House of Assembly.

“The State House of Assembly has ratified the appointment of the incumbent Executive Chairman with the passage of the law.  The governor also approved the release of funds for the construction of a new and modern Revenue House complex to accommodate the State Internal Revenue Service.”