The Kogi State Government has declared its readiness to begin a structured tax compliance relief programme for individual taxpayers and businesses in the State to mitigate the COVID-19 impact.
The State Governor, Alhaji Yahaya Bello, who disclosed this through his Commissioner for Finance, Budget and Economic Planning, Hon. Asiwaju Idris, charged the State’s Internal Revenue Service (KGIRS) to operationalise the programme.
The Governor gave the directives while reviewing the impact of COVID-19 in the State as it affects the local economy, livelihoods and food security.
The tax relief, according to the Governor, is expected to be operational through the State’s Internal Revenue Service in the third quarter, 2020.
Following the directives by the Governor, the Executive Chairman of Kogi State Internal Revenue Service (KGIRS), Aliyu Inda Salami, highlighted the following incentives and reliefs for businesses and individuals in the State
1. Deadline for filing of annual returns by individuals has been extended from 31st of March to 31st of August, 2020.
2. Filing of annual returns by companies shall now be till August 31st, 2020 as against the usual January 31st. Also, the penalty for late filing has been waived.
3. Waiver of penalty and interest on all concluded Tax Audit Review till December 31st, 2020.
4. A 50% discount on all assessed Capital Gain Tax (CGT) from now till December, 2020.
5. A 50% discount to all Personal Income Tax Assessment issued to owners of schools and Hotel in year 2020.
Aliyu concluded by reassuring the Service’s concerns toward the wellbeing of the businesses of the taxpayers while it anticipates their usual compliance.