Ondo state government has suspended the implementation of the Hotel, Restaurant and Event Center Consumption Tax due to start on 1st June, 2020 in view of the peculiarly harsh impact suffered by the Entertainment/Hospitality sector.
Ondo state governor, Arakunrin Oluwarotimi Akeredolu made the announcement on his official twitter handle today, the full implementation of the Land Use Charge rates based on property valuation is suspended.
Arakunrin Akeredolu added that penalty and Interest on arrears of Land Use Charge from year 2017 to 2019 have also been waived for residential property.
He revealed that, the minimum tax payable under the Presumptive Tax Regime (Artisans, Market Women, etc.) in the state has been reduced by 50%.
According to him, the deadline for the submission of Form A for employees and Annual Returns in accordance with Sections 41 (3) & 81 (1-3) of the Personal Income Tax Act (PITA) 2011 as amended, for companies operating in Ondo State is extended.
On the remittance of pay as you earn, Akeredolu said, the penalty hitherto being charged on late remittance of Pay As You Earn (PAYE) deductions has been waived between March and September 2020 for all sectors.
It is of no doubt that the steps taken by our amiable governor is aimed at cushioning the impact of Covid-19 on Ondo state residents.
It was gathered that, Akeredolu's administration has cut taxes and waived fees and have instituted other reliefs to make this period much more easier to bear.
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