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RIRS grants tax reliefs to companies, individuals

By: Felix Ikpotor

Following the ravaging effect of COVID-19 on the economy of Rivers State, the State Internal Revenue Service (RIRS) has announced tax reliefs and incentives for individuals and companies residing and doing business in the state.

A statement signed by the Executive Chairman of the service, Dr. Adoage Norteh noted that the pandemic has affected several business in the state and as such it has become expedient for the government to ease the compliance requirements for tax, giving them waivers on penalties and interests for late filling of and payment of taxes to the extent that they are related to COVID-19.

He added that the State Governor, Nyesom Wike has approved the tax reliefs and incentives for tax payers in the state.

The areas affected by the reliefs and incentives includes extension of deadline of self-assessment and annual returns by individuals and companies to 31st December, 2020, waivers of penalty and interests associated with late fillings and taxes to 31st December.

The state government also granted 1% bonus for all self-assessment paid in or before 31st October 2020, waiver of 50% on all assessed capital gains tax until December 2020.

It also granted a 20% discount on all personal income tax assessment issued to owners of schools, hotels, pharmacists and hospitals and other allied businesses in the year to 31st December, 2020.

Others include suspension of all local government taxes and levy for the year 2020 except tenement rate.

The service also announced the suspension of all informal sector tax drive for 2020 since they are the worst hit such as market stalls, hair saloons, mini supermarkets and kiosks, technicians, mechanics and artisans.

The service also listed passenger vehicle operators, welders, vulcanizers and allied vocations as beneficiaries of the incentives.

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