03 Aug RIRS Issues COVID 19 Tax Incentives and Reliefs to Individuals and Micro, Small & Medium Sized Enterprises (MSMEs) in Rivers State.
Rivers State Internal Revenue Service (RIRS) on behalf of Rivers State Government has issued tax incentives and reliefs to individuals and Micro, Small & Medium Sized Enterprises (MSMEs) in the state.
The notice of tax incentives which was signed by the Executive Chairman of RIRS, Mr. T. Adoage Norteh acknowledged that Covid 19 Pandemic has disrupted economic activities of the taxpayers. Hence, the desires of the State Government to mitigate the impacts on the taxpayers.
The following are the tax incentives granted by the RIRS:
- Extension of the deadline of self-assessment and annual returns by individuals and companies to 31 December 2020.
- Waiver of penalty and interest associated with late filings and taxes up to 31st December 2020.
- Bonus of 1% for all self-assessment paid on or before 31 October 2020.
- Waiver of 50% on all assessed Capital Gains Tax (CGT) until December 2020.
- Granting of 20% discount on all Personal Income Tax (PIT) assessment issued to owners of Schools, Hotels, Pharmacies, Hospitals, and other allied businesses in the year up to 31st December 2020.
- Suspension of all informal sector tax drive for the year 2020.
- Suspension of all local government taxes and levies for the year 2020 except tenement rate
The MSMEs under informal sector in the notice include:
- Hair and Barbing Saloons.
- Mini Supermarket & Kiosks.
- Technicians, Mechanics, and Artisans.
- Passenger Vehicles Operators.
- Market Stalls
- Welders, Vulcanizers and allied vacations e.t.c.
WYZE Comment: Issuance of tax incentives and reliefs to taxpayers by Rivers State Government is commendable. We enjoin other Internal Revenue Services that have not granted Covid 19 tax incentives to do so.