Even as businesses grapple with loss of revenue, reduced productivity, lockdowns, cashflow challenges, etc.The Ondo State government has continued in it's determination to ensure that found it imperative to introduce measures that would mitigate the inevitable financial burden on taxpayers as is the case in other climes.
The Akeredolu led administration has made available to business ventures across the 18 Local Government of the State the introduction of Tax Relief Incentives to businesses and Tax payers. This was done in order to ameriolate the effect of the Covid-19 on businesses ventures across the state.
Most Business Enterprise in the states has been forced to shut down it's operations while others with essential services has experienced a low patronage of clients and consumers because of the harsh economic realities set up by the impact of the global pandemic, Covid-19 which has rendered most countries of the world in fire financial crises as many a just a pint above plunging into the deep seas of recession.
Some of these policies made by the Ondo State Government as led by Arakunrin Oluwarotimi Akeredolu SAN, are the suspension of the Hotel, Restaurant and Event Center Consumption Tax which was due to start on 1st June, 2020; The Suspension of the implementation of the Land Use Charge rates based on property valuation; The waiver on Penalty and Interest on arrears of Land Use Charge from year 2017 to 2019 for residential property.
However this waiver applies to those that made payment on or before December 31st 2020; The 50% reduction of the minimum tax payable under the Presumptive Tax Regime (Artisans,Market Women, etc.) in the state for the year 2020; The Extension till September 30th of 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; The waiver on penalty hitherto being charged on late remittance of Pay As You Earn (PAYE) deductions between March and September 2020 for all sectors.
Also in another development,the staff of the Ondo State Internal Revenue Services in addition to the donation of the sum of One Million, Three Hundred and Sixty-Four Thousand Naira (N1,364,000.00) only to the Ondo State Covid-19 response Committee, they have also donated 1,800 units of PPE to all the revenue generating MDAs in the state.
These statements was made available to members of the general public in a press release signed by Tolu Adegbie, the Executive Chairman of the ODIRS
