Monday, May 17, 2021

COVID-19 : Ekiti govt introduces tax relief, incentives for businesses

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Naija247news, Nigeria
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

By Ariwodola Idowu
Ado Ekiti, Aug. 7, 2020, The Ekiti State Government has introduced tax relief and incentives for taxpayers and businesses as part of its ongoing efforts to cushion the negative effects of the COVID-19 pandemic.

Mr Olumuyiwa Ogunmilade, the Chairman of Ekiti Internal Revenue Service (EKIRS), said this at a news conference on Friday in Ado Ekiti.

Ogunmilade, represented by an official of EKIRS, Mr Femi Oloye, said that the tax relief policy was to enable the business sector regain momentum after the disruption in commercial activities occasioned by the pandemic.

“ The minimum tax payable under the Presumptive Tax Regime (Market Men & Women, Artisans, etc.) in the state has been reduced by 50 per cent for the year 2020 only,” the EKIRS chairman said.

He said that the full implementation of Ekiti State Land Use Charge Law rates, based on property valuation, which commenced in July has also been suspended due to the COVID-19 pandemic.

”Full amnesty has been granted to land owners in respect to the arrears of Land Use Charge between 2017 and 2019,” Ogunmilade said.

Dr Opeyemi Ogunsakin, the Senior Special Assistant to the state governor on Public Health, said that the recent rise in community spreading of the virus in the state was due to the influx of persons from neighbouring states during the lockdown.

Ogunsakin said that the recent commissioning of the Molecular Laboratory by Gov. Kayode Fayemi has helped to unveill many hidden cases in the state.

He, however, appealed to the leadership of the informal sector to assist in educating members and community at large on the need to adhere to safety measures against the spread of the virus.

He stressed on the use of nose masks, frequent hand washing (with soap and running water), hand sanitising, early reporting of symptoms and keeping to social distancing.

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