The Lagos State Internal Revenue Service (LIRS) is responsible for collecting revenues for the Lagos State government. They collect taxes from companies too, be it large scale, medium scale or small scale company. With the aid of the LIRS, Lagos state is able to depend less on allocations coming from the federal government on monthly basis.
The LIRS is responsible for developing tax collection system for the Lagos State government and also implementing such system for improved effectiveness in tax collection. Consequently, the Lagos State government is able to achieve self-sustenance.
The present head of the Lagos State Internal Revenue Service is Mr. Olufolarin Ogunsanwo. He was appointed by the present Governor or Lagos State, AKinwumi Ambode shortly after he became the governor of the state.
Truth is LIRS is one of the most sophisticated among the internal revenue services operating in other states in Nigeria. LIRS has implemented so many systems that make tax collection very easy. The Self-Assessment Filing System that was implanted by LIRS for individuals make tax collection very easy. This is the first of its kind in Nigeria.
Truth is the LIRS is the major financier of Lagos State government. The structures already put in place ensure that tax can be collected without much ado.
Internally generated revenue by LIRS has increased over the years. As at 1999, IGR in Lagos State was about 600 million naira. It increased to 17 billion naira in 2011. As a result of this, Lagos State is able to depend less on the federal government for financing.