Oyo and Cross River state governments have unveiled relief packages for corporate organisations and tax payers.
Oyo State Commissioner for Finance Akinola Ojo announced the COVID-19 Tax Compliance Relief Programme for individual taxpayers and businesses while fielding questions from reporters at a news conference.
On the tax reliefs, Ojo said the government came about the idea in view of the effect of the Coronavirus on sectors of the economy and to allow organisations restart and kick-start easily when the pandemic is over.
Also, Cross River State Commissioner for Finance Asuquo Ekpenyong Jnr, who was accompanied by Board of Internal Revenue Service Chairman Akpanke Ogar, during a news conference, announced a 90 per cent downward review of this year’s budget from N1.1 trillion to N147, 130, 166, 966.
He noted that the implementation of the tax and levies’ relief regime is crucial to government and warned government officials and agents against flouting the new tax incentive package.
He mentioned those exempted in the new regime of tax incentives to include “individuals in the public sector (under the Pay-As-you-Earn scheme) earning less than N100,000.00 monthly are granted tax relief from personal income tax, in line with the provisions of the Cross River State Tax Exemption Law 2015 and accompanying regulations.
