Welcome to the fourth part of this series.
The gift that keeps giving comes in the form of Tax reliefs and that is why we keep coming back with this series on Tax reliefs.
We have been reviewing the tax reliefs made available by the Federal and State Governments to taxpayers to cushion the effects of the COVID-19 pandemic.
So far, we have reviewed the tax reliefs made available in the following states: Lagos, Oyo, Osun, Delta, Bayelsa, Kebbi, Gombe, Jigawa, Bauchi, Akwa Ibom and Yobe States. You can read them HERE and HERE.
In this piece, we would be reviewing the tax reliefs made available in Ondo and Ogun States:
The Ondo State Internal Revenue Service (ODIRS) has made the following tax reliefs and palliatives for taxpayers in the State:
i) The implementation of the Hotel, Restaurant and Event Center Consumption Tax due to start on 1st June 2020 is suspended in view of the peculiarly harsh impact suffered by the Entertainment/Hospitality sector.
ii) The full implementation of the Land Use Charge rates based on property valuation is suspended. The existing amnesty rates for Residential Property will subsist as follows: High Value Zone (HVZ): N7,000.00-10,000.00, Medium Value Zone (MVZ): N3,000.00 – N5,000.00, and Base Value Zone (BVZ): N1,000.00 – N3,000.00 per annum.
iii) Penalty and Interest on arrears of Land Use Charge from year 2017 to 2019 is hereby waived for residential property. This waiver applies to those that make payment on or before 31st December 2020.
iv) The minimum tax payable under the Presumptive Tax Regime (Artisans, Market Women, etc.) in the state has been reduced by 50% for year 2020 only.
v) The deadline for the submission of Form A for employees and Annual Returns in accordance with Sections 41 (3) & 81 (1-3) of the Personal Income Tax Act (PITA) 2011 as amended, for companies operating in Ondo State is extended to 30th September 2020.
vi) The penalty hitherto being charged on late remittance of Pay As You Earn (PAYE) deductions has been waived between March and September 2020 for all sectors.
The Ogun State Internal Revenue Service issued the following tax reliefs and palliatives for taxpayers in the State:
i) Extension of deadline for filing of 2019 Income Tax Returns by self-employed individuals/informal sector by six months from 31st March to 30th September 2020.
ii) Extension of filing of 2019 Annual PAYE operators/tax agents by eight (8) months from 31st January to 30th September 2020.
iii) Complete waiver of interest and penalty for late filing of 2019 Annual PAYE returns during the approved extension period
iv) Complete waiver of interest and penalty for late remittance of monthly PAYE from 31st January to 30th September 2020.
v) Complete waiver of interest and penalty for late payment of Direct Assessment/Personal Income Tax by self-employed individuals from 1st January to 31st December 2020.
vi) Waiver of weekly tax by operators/promoters in pool and betting business from 1st April to 30th June 2020.
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