By James Sowole
The Ondo State Government has introduced tax relief and incentives for taxpayers and businesses to cushion the effect of Covid-19 crisis.
The Executive Chairman of the state Internal Revenue Services (ODIRS), Mr Tolu Adegbie, disclosed this during a chat with journalists Monday.
Adegbie said ODIRS has donated 1,800 units of Personally Protective Equipment (PPE) to all the revenue generating ministry, department and agencies (MDAs) in the state.
He said the donation of the PPE was in addition to the donation of a sum of N1.364 million by the staff of ODIRS to the state COVID-19 Committee.
He said the implementation of the Hotel, Restaurant and Event Centre Consumption Tax due to start on June 1, 2020 is suspended in view of the impact suffered by the entertainment and hospitality sectors.
According to him, tax due to start on June 1, 2020 is suspended in view of the peculiarly harsh impact suffered by the entertainment and hospitality sector.
Adegbie also disclosed that the government has also suspended the full implementation of the Land Use Charge rates based on property valuation.
He said: “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.
“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 December 31st 2020.”
He also disclosed that the minimum tax payable under the Presumptive Tax Regime (artisans,
Market women, etc.) in the state has been reduced by 50 per cent for 2020 only.
“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 September 30th.
“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,” Adegbie stated.
The ODIRS chairman enjoined members of the public and stakeholders to seize the opportunity of waivers and incentives provided by the government by performing their civic responsibilities.