The Ondo state government has announced new tax relief measures for taxpayers and businesses to mitigate the impact of the COVID-19 pandemic.
Tolu Adegbie, the executive chairman of Ondo Internal Revenue Services (ODIRS), said the state government has suspended the implementation of some taxes and waived the penalty for late remittance of the pay-as-you-earn (PAYE) tax.
“The implementation of the hotel, restaurant and event centre consumption tax due to start on June 1, 2020, is suspended in view of the peculiarly harsh impact suffered by the entertainment/hospitality sector,” he said.
“The full implementation of the land use charge rates based on property valuation is suspended.
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“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.
“Penalties and interest on arrears of land use charge from year 2017 to 2019 are hereby waived for residential property. This waiver applies to those that make the payment on or before December 31, 2020.
“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 30.”
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Adegbie added that the penalty being charged on late remittance of pay-as-you-earn (PAYE) deductions has been waived between March and September 2020 for all sectors.
Featured image: Rotimi Akeredolu, Ondo state governor
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