Economy

Adopt humane strategies, understanding with the informal sector – Makinde

By Web News 114

By Iyabo Adebisi

Governor Seyi Makinde of Oyo State has urged members of the Joint Tax Board, JTB and other stakeholders in the revenue generation sector in the country to adopt a humane strategy and understanding before co-opting the informal sectors into its tax net.

Declaring open the 157th meeting of the JTB held in Ibadan, with the theme – Taxation of the Informal Sector: Potentials and Challenges, Governor Makinde explained that the informal sector is the backbone of the local economy and should be engaged technologically for meaningful impact. 

The governor called for an increase in production, knowledge, and skills to galvanise Nigerians toward transforming the nation’s natural resources and potential into economic prosperity. 

Governor Makinde enjoined the stakeholders to consider modalities to deepen partnership with the informal sector, such that dragging them into the tax net would be based on understanding rather than enforcement. 

Addressing the participants, the Chairman of the Joint Tax Board and Executive Chairman of the Federal Inland Revenue Service, FIRS, Dr Zach Adedeji, warned against any attempt to add a tax burden on the poor and charged the meeting to focus on conceiving strategies to formalise the informal sector before any taxation attempt.

Earlier, Chairman of the Oyo State Internal Revenue Service Femi Awakan disclosed how the Seyi Makinde-led administration has drastically boosted the state’s internally generated revenue (IGR), noting that with the Oyo experience, there is no challenge too tough to surmount in widening the tax net of any economy.

The meeting of the Joint Tax Board of Nigeria, JTB, is usually a convergence to address tax-related matters, evolve a workable, effective and efficient tax system across the state and the federal government. 

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Economy

Covid-19: Oyo Govt. Offers Tax Relief to Taxpayers

By Web News 886

In a bid to cushion the effects of Covid-19 pandemic on companies and businesses in the state, Oyo State government has reeled our tax relief measures for tax stakeholders in the state.

The state Commissioner for Finance, Mr Akinola Ojo disclosed this while briefing newsmen in Ibadan.

At a briefing tagged: Implementation of Tax Compliance Relief programme for Individual taxpayers in Oyo, Mr Ojo said the relief became imperative as Oyo State government could not fold its arms and allow the pandemic to take toll on the people without reprieve.

He hinted that the state having studied the effects of Covid-19 in the formal and informal sector has extended deadline for filing of annual returns for individual tax payers including self-employed persons from 1st April to August, 2020.

Mr Ojo added that waivers of penalties and interest for employers has also been granted in the primary sector of the economy for those who file returns on or before 31 August, 2020.

While speaking on the cut in the tax revenues due to Covid-19, the commissioner said the state targeted 6.2billion naira monthly to fulfill its responsibilities, maintaining that government was committed good governance to tax-paying individuals and businesses.

Mr Ojo implored taxpayers in the state to take the advantage of the tax reliefs and pay their taxes, levies, rates, fees and charges.

Some of the dignitaries at the event include Chairman, Oyo State Internal Revenue Service, IRS, Aremo John Adeleke, the Oyo State Accountant General, Alhaji Gafar Bello and representatives of various companies and businesses in Oyo State.

Iyabo Adebisi