The Kogi State Government has declared its readiness to begin a structured tax compliance relief programme for individual taxpayers and businesses in the State to mitigate the COVID-19 impact.
A statement by the Kogi Internal Revenue Service said the Governor, Alhaji Yahaya Bello through his Commissioner for Finance, Budget and Economic Planning, Hon. Asiwaju Idris, has charged the State Internal Revenue Service (KGIRS) to operationalise the programme.
The statement said the Governor’s directives was as a result of his review of the impact of COVID-19 in the State as it affects the local economy, livelihoods and food security.
“According to the Governor, the tax relief is expected to be operational through the State’s Internal Revenue Service in the third quarter of 2020”
The Executive Chairman of Kogi State Internal Revenue Service (KGIRS), Aliyu Inda Salami who signed the statement, highlighted the following incentives and reliefs for businesses and individuals in the State.
Deadline for filing of annual returns by individuals has been extended from 31st of March to 31st of August, 2020.
Filing of annual returns by companies shall now be till August 31st, 2020 as against the usual January 31st. Also, the penalty for late filing has been waived.
Waiver of penalty and interest on all concluded Tax Audit Review till December 31st, 2020.
A 50% discount on all assessed Capital Gain Tax (CGT) from now till December, 2020
A 50% discount to all Personal Income Tax Assessment issued to owners of schools and Hotel in year 2020