Covid-19: Osun Grants Tax Reliefs To Residents, Employees

The Osun State government has granted tax reliefs to business owners and individuals, as a result of the impact brought about by COVID-19 on the economic.

Among those that enjoyed the reliefs are the micro, small and medium enterprises, artisans, market women and men, employees, small-medium enterprises and others.

Executive Director of Osun Internal Revenue Service Mr. Adegbite Ademikanra stated these to reporters over the weekend in Osogbo, the Osun capital.

He said COVID-19 has made the IGR of the state go down by 40 per cent.

Ademikanra said: “To ameliorate the impact of COVID-19 on businesses and individuals, the Osun Internal Revenue Service is pleased to announce to the public that Governor Adegboyega Oyetola has graciously approved tax reliefs for our valued taxpayers.”

“Waiver of penalty and interest on all concluded Tax Audit Review till December 31st, 2020.

“Implementation of the Land Use Charge rates based on property valuation is to enjoy up to 50% discount in the urban areas while semi-urban/rural areas will enjoy Amnesty Rates of between N2,000.00 – N 1000000 per annum.

“Penalty and Interest on arrears of Land Use Charge from years 2017 to 2019 is hereby waived for all properties.

“This waiver applies to those that make payment on or before December 31st, 2020.

“Granting of 20% discount to MSMEs and individual Taxpayers (Direct Assessment) that will pay down on respected demand notice before December 31st, 2020.

“The minimum tax payable under the Presumptive Tax Regime (Artisans, Market Women, etc.) in the state has been reduced from N3,000 to N2,000.

“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 Osun State is extended from 31st of March to 31st of October, 2020.

“The penalty hitherto being charged on late remittance of Pay As You Earn (PAYE) deductions has been waived between March and December 2020 for all sectors.

8. A 50% discount on all assessed Capital Gain Tax (CGT) from now till December 31st, 2020

“Payments in four (4) maximum installments granted to all Taxpayers in the Small Medium Enterprises (SMEs) and the Informal Sector.

“We urge all residents of Osun to take advantage of these palliatives and reciprocate the kind gesture of the State Governor by promptly paying taxes and levies due to the State.

For further
call 0803959545 enquiries, 08034050789,09093510409 or visit www.oirs.ng and www.osun.gov.ng