*Suspends informal sector tax drive for 2020
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Rivers State Governor Nyesom Wike has granted tax relief and incentives to taxpayers in the state, to cushion the effects of hardship occasioned by COVID-19 pandemic lockdown.
Governor Wike has also announced the suspension of all informal sector tax drive for the year 2020, noting that the informal sector was the worst hit in terms of the economic impact of the COVID-19 pandemic.
He further suspended all local government taxes and levies for the 2020 tax year, except tenement rate and granted a waiver of 50 per cent on all assessed Capital Gains Tax (CGT) until December 2020.
Executive Director, Rivers State Internal Revenue Service (RIRS), Adoage Norteh, disclosed this in a document given to Daily Sun in Port Harcourt.
The Governor announced the extension of the deadline of self-assessment and annual returns by individuals and companies operating in Rivers to December 31, this year, due to COVID-19 restriction of movements which affected businesses.
He noted: ‘The COVID-19 pandemic and the related lockdowns have resulted in major disruption in economic activities, resulting in negative economic impact, particularly on micro, small medium-sized enterprises (MSMEs).
‘Most of these MSMEs operate in the rural areas, with many having limited online connectivity to be able to file and pay their taxes electronically.
‘It has, therefore, become expedient and equitable for the Rivers State Government to ease the compliance requirements for taxpayers, giving them waivers on penalties and interest for late filing and payment of taxes to the extent that they are related to the COVID-19 pandemic,’ the Governor stated.
He also granted a 20 per cent discount on all Personal Income Tax (PIT) assessment issued to owners of schools, hotels, pharmacies and hospitals, as well as other allied businesses in the year to December 31, 2020.
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