……State reels out relief for private entities, other tax-payers
The Oyo state Commissioner for Finance, Mr. Akinola Ojo yesterday said that state’s internally generated revenue (IGR) had hit an average of N2.3 billion monthly.
Akionla Ojo who stated this while fielding questions from journalists at a press conference on “The Implementation of COVID-19 Tax Compliance Relief Programme for Individual Tax-payers and Businesses in Oyo State,” also reeled out relief packages for corporate organisations and tax-payers in the state.
Ojo, who said plans were underway to ensure that the revenue hit N3 billion before the end of the year, added that the government targets at least N6 billion before the end of the administration. He noted that the state IGR was on an upward trajectory before the COVID-19 pandemic broke out.
The tax relief packages, according to the commissioner, include extension of deadline for filing of yearly returns for individual tax-payers, including self-employed persons, for five months from April 1 to August 31, 2020, extension of deadline for filing of yearly returns of employees by the employers of labour for six months from March 1 to August 31, 2020.
Also in the package are waivers of penalties and interest for employers in the primary sector of the economy (agriculture, fishing, transportation and mining) who file tax returns on or before August 31, 2020 and 50 per cent reduction in penalties and interests for employers in the secondary sector of the economy, such as food processing, beverages, sachet and bottle water producers who file tax returns on or before August 31, 2020.
The state government also approved 75 per cent reduction in penalties and interests for the service sector employers, which include hotels, educational institutions and tourist centres that file tax returns on or before August 31, 2020, adding that tax agents were allowed to remit the Pay As You Earn (PAYE) tax to the extent of the staff strength that were paid in each month that COVID-19 has affected them.
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