Osun State Internal Revenue Service at the weekend announced that it has granted tax relief to citizens of the state. Executive Chairman of the revenue service, Adegbite Ademikanra, who made this known in a press conference in Osogbo, said the state government under the leadership of Governor Gboyega Oyetola planned to “ameliorate the impact of COVID-19 on businesses and individuals.
He said: “Osun State Internal Revenue Service is pleased to announce to the general public that it has graciously approved the following 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 per cent discount in urban areas while semi-urban/rural areas will enjoy Amnesty Rates of between N2,000.00 to N1,000.00 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.”
Ademikanra also said that granting of 20 per cent discount to MSMEs and individual taxpayers (Direct Assessment) that will pay down on respected demand notice before December 31st, 2020, also hinted that 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.
“He stated further that 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 has been extended from 31st of March to 31st of October, 2020.