Economy

Coronavirus: Bayelsa grants tax reliefs to individuals, businesses

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Coronavirus: Bayelsa grants tax reliefs to individuals, businesses

The Bayelsa Government on Friday announced a tax relief of 50 per cent for the informal sector and other tax reliefs to residents and business operators to cushion the effect of the COVID-19 pandemic on tax payers.

Dr Nimibofa Ayawei, Executive Chairman, Bayelsa Board of Internal Revenue, said in a statement in Yenagoa that the tax reliefs approved by Gov. Douye Diri was to demonstrate sensitivity to the adverse impact of the pandemic on the citizens.

According to him, part of the concessions granted by the government is extension of the deadline for filling Form A returns for employee and annual returns, to Sept. 30, for companies and institutions.

He said that the reliefs included waiver of penalty and interest until August 31, 2020, for outstanding Pay-As-You-Earn (PAYE) remittances.

He said that waiver of penalty for all outstanding tax issues up to December 2019 for which the undisputed amounts were paid within 30 days post interstate lockdown was also part of the reliefs.

The official added that 50 per cent discount on the personal income tax assessment for the informal sector in the year 2020 as contained in the minimum harmonised tax rates in Bayelsa was part of the reliefs.

He also said that the reliefs included 35 per cent discount on pool betting tax for year 2020.

Edited By: Edith Bolokor/Ijeoma Popoola (NAN)

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Nathan Nwakamma

Nathan Nwakamma: NNN is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. We are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and we strive diligently to ascertain the truth in every news report. Contact: editor @ nnn.ng. Disclaimer.

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