Presumptive Tax Bill Passed Into Law By Oyo Assembly Last Week ‘Important’ But I Will Not Assent To It-Gov Makinde
Governor Seyi Makinde of Oyo State has disclosed that he will not assent to the Presumptive Tax Bill that was passed into law by the state House of Assembly last week.
While praising the state house of assembly for the initiative which is according to him aimed at raising the Internally Generated Revenue of the state, the governor however submitted that the citizens are currently facing difficult financial distress and the bill, if signed into law, would increase the economic hardship faced by the people.
‘Anything that will put money in the pockets of the people is what I am interested in, so that they can use it for where the shoe pinches. At this time, I’m not interested in whatever policy that will empty their pockets. I’ll continue to fight poverty but not fight the poor’ he said.
Recall that the Oyo State House of Assembly had last week Thursday passed the State Presumptive Tax Bill, 2023 into law.
Team@orientactualmags.com learned that the bill in question provides for the imposition, administration, and collection of presumptive tax on individuals and entities whose income cannot be ascertained due to lack of financial records.
Enterprises captured for the presumptive tax rates, include artists and sign writers, barbers, bricklayers, carpenters, grinding mills, gas refilling depots, hairdressers, horticulturists, photographers, plank sellers, plumbers, welders, mechanics, block makers, saw millers, book stores, and typing studios.
Under the section of the law titled: ‘Oyo State Negotiated Presumptive Tax Rate’, owners of adult wear (boutique) are expected to pay a minimum of N10,000 yearly and maximum of N50,000; barbers are expected to pay from N3,000 to N10,000; artists and sign writers will pay from N5,000 to N50,000; bicycle repairers are expected to pay between N2,000 and N10,000; while bookshop/stationery stores will pay a minimum of N10,000 and a maximum of N20,000; bricklayers are expected to pay from N10,000 to N30,000;
Sellers of building materials – N15,000 to N50,000; furniture makers – N25,000 to N40,000; carpenters – N10,000 to N35,000; gas refilling sellers- N25,000 to N45,000; photographers – N2,000 to N5,000; plumbers- N2,000 to N10,000; welders – N5,000 to N20,000; fruit sellers -N1,000 to N5000; those who sell or repair phones- N2,500 to N4,000; Shoemakers – N500 to N2,000; laundry- N1,000 to N2,500; block makers – N15,000 to N25,000; vulcanizers – N2,500 to N7,500; auto mechanics and technicians – N1,500 to N5,000 , Welders- N1,500 to N5,000 and plank sellers- N2,500 to N10,000.
The bill also stipulates that a taxable person, who fails or neglects to make payment of the tax due shall be liable to pay the sum and a penalty equal to 10 per cent per annum, while those who maintain up-to-date records and file returns within the stipulated period, shall be granted a rebate of two per cent of the tax payable.
According to the bill, the concerned persons are expected to file returns on or before 90 days from the commencement of each year, while upon payment of all tax assessments, the taxable persons shall be issued a Tax Clearance Certificate-Team@orientactualmags.com Do you have any information you wish to share with us? Do you want us to cover your event or programme? Kindly send SMS to 08059100286, 09094171980 or get in touch via orientactualmag@gmail.com. Thank you
