OSUN and Oyo state governments have granted tax relief to corporate businesses, residents and employees as part of measure to cushion the effect of COVID-19 pandemic.
Akinola Ojo, Oyo State Commissioner for Finance, disclosed this during a conference on Implementation of Tax Compliance Relief Programmes for Individual Taxpayers and Businesses in Ibadan, Oyo State capital.
He disclosed that the tax relief package includes waivers of penalties and interest for employers in the agriculture, fishing, transportation and mining sector of the state who file tax returns on or before August 31, 2020.
Ojo also stated that a reduction of 50 per cent has been granted by the Oyo State Government 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.
He further stated that the state government also approved 75 per cent reduction in penalties and interests for the service sector employers, which include hotels, educational institutions, tourist centres that would file tax returns on or before August 31, 2020.
In Osun State, Adegbite Ademikanra, the Executive Director of Osun Internal Revenue Service told reporters that Gboyega Oyetola, the governor of the state, has also granted tax relief to residents and employees of the state.
According to Ademikanra, the micro, small and medium enterprises, artisans, market women and men, employees and small-medium enterprises would enjoy from the tax relief.
“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,” Ademikanra said.