COVID-19: Niger state govt reduces tax payments to cushion economic impact of pandemic

COVID-19: Niger state govt reduces tax payments to cushion economic impact of pandemic

- Tax payments have been reduced in Niger state

- The decision was taken by the Niger state government to help residents cope with the realities of COVID-19

- The move is the first of the kind in Nigeria since the beginning of the pandemic

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The Niger government has approved the reduction of tax payments in the state as part of measures to cushion the economic impact of coronavirus on residents.

This was revealed in a statewide broadcast by the Secretary to the State Government, Alhaji Ibrahim Ahmed Matene on behalf of Governor Abubakar Sani Bello.

COVID-19: Niger state govt reduces tax payments to cushion economic impact of pandemic
Governor Bello identified with his people the time they needed him most. Photo credit: Niger state govt
Source: UGC

According to Matene, the tax reduction takes effect from Wednesday, June 24 to Wednesday, March 31, 2020.

He said the filing date of annual tax returns by all businesses and individuals have been extended to Wednesday, September 30 while the filing of monthly PAYE returns by businesses has been granted 10 days extension beginning from the 10th to 20th of every month.

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He also stated that the penalties and interests on late filings, payments, and remittances as well as default on tax liabilities have been reduced to 5% per cent for penalties and 10% per cent for interests charges.

He assured that all the agencies responsible for tax collection have been notified on the development.

He further stated that anyone shortchanged should forward their complaints to his office for immediate attention.

Recall that a report by the National Bureau of Statistics (NBS) indicates that 42 per cent of hitherto employed Nigerians lost their jobs due to the adverse impact of the COVID-19 pandemic

The report which was published on Friday, June 5 was titled COVID-19 National Longitudinal Phone Survey (COVID-19 NLPS).

It stated that the impact on employment and income had been widespread as “respondents who were working before the outbreak reported that they were not currently working due to COVID-19.”

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Meanwhile, the World Bank has advised Nigeria to develop its mining sector to help mitigate post-COVID-19 economic shocks.

World Bank's Mike Stanley advised the Nigerian government not to wait for a rise in the oil prices in the global market.

Stanley said waiting for oil prices to rebound may not yield the expected result because of the possibility of an oversupply of the commodity in the market from other oil-producing countries.

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Source: Legit

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