Oyo State governor, Seyi Makinde, has declined assent to the Presumptive Tax Bill passed by the State House of Assembly in consideration of the current plights of the people, expressing his commitment to fight poverty and not the poor people.(You can Watch The Video From Here. Start at 2:03 Minutes)...For More READ THE FULL STORY▶▶
Governor Makinde in declining his assent to the Bill, noted that it would inflict more pain on the poor masses in the state.
According to the governor, the people are hungry and angry as a result of the current economic reality in the country.
“Anything that will put money in the pocket of the people is what I am interested in, so they can use on 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 and not fight the poor,” he said.
Makinde made his position on the bill known, while flagging off the upgrade of Samuel Akintola Airport to an international standard, saying that he would not implement the bill for the moment.
The governor, however, praised the House of Assembly for the initiative, which, he believed, was directed at raising the Internally Generated Revenue of the state.
The Assembly had last Thursday passed into law, the State Presumptive Tax Bill, 2023, which 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 such various presumptive tax rates included 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, typing studios.
Under the section of the law titled: “Oyo State Negotiated Presumptive Tax Rate”, owners of adult wear (boutique) are liable to pay a minimum of N10,000 yearly and maximum of N50,000; barbers are to pay from N3,000 to N10,000; artists and sign writers to pay from N5,000 to N50,000; bicycle repairers to pay between N2,000 and N10,000; bookshop/stationery stores to pay a minimum of N10,000 and a maximum of N20,000; bricklayers to pay from N10,000 to N30,000.
Also, sellers of building materials were to pay from N15,000 to N50,000; furniture makers to pay N25,000 to N40,000; carpenters were to pay between N10,000 and N35,000; gas refilling sellers to pay between N25,000 and N45,000; photographers to pay between N2,000 and N5,000; plumbers to pay between N2,000 and N10,000; welders to pay from N5,000 to N20,000; fruit sellers to pay from N1,000 to N5000; sales and repairs of handset to pay between N2,500 and N4,000,
While shoemakers are to pay between N500 and N2,000; laundrymen were to pay from N1,000 to N2,500; block makers to pay between N15,000 and N25,000; vulcanisers to pay between N2,500 and N7,500; mechanics/welder/rewire were to pay between N1,500 and N5,000 and plank sellers to pay between N2,500 and N10,000.
The bill 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.
The laws also spelt out that persons subject to presumptive tax shall 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...For More READ THE FULL STORY ▶
(You can Watch The Video From Here. Start at 2:03 Minutes)
