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Akeredolu Announces Tax Cut For Businesses In Ondo To Cushion Effect Of COVID-19

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Akeredolu Announces Tax Cut For Businesses In Ondo To Cushion Effect Of COVID-19 5

To cushion the effects of the Coronavirus pandemic on businesses in Ondo State, Governor Oluwarotimi Akeredolu, SAN has announced tax cut, waived fees and other tax relief incentives for taxpayers in the state.

The Governor who announced this via his twitter account, said that the implementation of the Hotel, Restaurant and Event Center Consumption Tax due to start on 1st June, 2020 has also been suspended.

In his tweets “Our administration took a major step towards cushioning the impact of #COVID19 on our citizens. We have cut taxes and waived fees and have instituted other reliefs to make this period much more easier to bear. #Thread”

“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.”

“The full implementation of the Land Use Charge rates based on property valuation is suspended.”

“Penalty and Interest on arrears of Land Use Charge from year 2017 to 2019 is hereby waived for residential property.”

“The minimum tax payable under the Presumptive Tax Regime (Artisans, Market Women, etc.) in the state has been reduced by 50%.”

“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.”

“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.”

 

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