In a bid to boost the Internally Generated Revenue (IGR) of Imo State, the Acting Executive Chairman of the Imo State Internal Revenue Service (IIRS), Mr. Justice R. Okoye, led a team on a courtesy visit to the General Manager of the Owerri Capital Development Authority (OCDA), Mr. Nzewodo Franklin Nkemakolam, on Friday, 6th September 2024.
The IIRS Chairman and his team were warmly welcomed by the General Manager and his staff. During the visit, Mr. Okoye commended the General Manager for his consistency in driving revenue and supporting the economic growth of the state through the activities of the OCDA. He emphasized the importance of collaboration between the two agencies in order to explore more avenues for revenue generation.
The IIRS Chairman highlighted two key areas for collaboration: Capital Gains Tax and Tax Clearance Certificates (TCC). He requested that the OCDA provide the IIRS with details of individuals who have sold land, as captured in change of ownership documents. This would enable the IIRS to ensure compliance with the Capital Gains Tax, which is a 10% levy on profits from land sales. Mr. Okoye also encouraged the OCDA to ensure that individuals accessing their services obtain their Tax Clearance Certificates, further supporting the state’s revenue generation efforts.
In response, the OCDA General Manager expressed his gratitude to the IIRS Chairman for the visit and reaffirmed his commitment to enhancing the IGR of the state. He promised to work closely with the IIRS to support the state government’s development agenda, particularly in the areas of tax compliance and revenue generation.