The Cross River State Internal Revenue Service has reported a significant increase in its Withholding Tax (WHT) revenue for the year 2023.
The revenue generated from WHT has seen a remarkable surge of 47% compared to the previous year.
In 2023, the WHT revenue reached an impressive N1.046 billion, showcasing the state’s commitment to enhancing its revenue generation efforts.
This substantial growth in WHT revenue generation is owed to the commitment of Governor Bassey Otu to reposition the state revenue resources in order to effectively implement the People First Agenda.
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It is further a testament to the efficiency and effectiveness of the tax collection system implemented by the present administration in the state.
The increase in revenue will undoubtedly have a positive impact on the state’s economy, as it will provide additional funds for essential services and developmental projects.
The impressive performance in WHT revenue is a result of various factors, including enhanced compliance by taxpayers, improved tax administration, and effective enforcement measures.
The Cross River State Internal Revenue Service has been proactive in implementing strategies to boost tax compliance among individuals and organizations operating within the state.
Furthermore, the increase in WHT revenue reflects the state government’s commitment to creating an enabling environment for businesses to thrive. By ensuring that taxes are paid efficiently and transparently, the government can provide the necessary infrastructure and services to support economic growth.
The Cross River State Internal Revenue Service remains focused on its mandate of revenue collection and will continue to explore innovative approaches to enhance tax compliance and increase revenue generation.
As the state continues to prioritize revenue generation, it is expected that the Cross River State Internal Revenue Service will witness further growth in the coming years.
This increased revenue will play a crucial role in the state’s development and enable the government to provide better services and infrastructure to its residents.