As part of its post COVID-19 economic relief programme, the Akwa Ibom State Government has granted tax waivers to Small and Medium Scale Entrepreneurs, SMEs in the state whose annual turnover is less than ₦5 million.
The state government has also granted tax waivers to micro scale businesses in the state as part of its post COVID-19 economic reprieve for her citizens.
To cushion the impact of the pandemic on commercial transporters and reduce fares which has gone up exponentially after last month’s ₦20.50 increase in the pump price of Premium Motor Spirit (PMS) by the federal government, Akwa Ibom State Government has suspended payment of specific road levies as tax waivers, including daily ticket, emblem, stickers and haulage fees for the year 2020, with immediate effect.
By the suspension of the road levies, more than 50,000 buses, taxis and tricycle drivers who form the bulk of the state’s public transporter’s network will not buy daily ticket for the remaining days of the year ending 31st December 2020.
Public buses and taxis operating in the state pay ₦300 daily (Monday – Saturday) for operational permit ticket, while commercial tricyclists pay ₦200 for the daily ticket.
With the suspension of the road levies, commercial buses drivers and taxis will save ₦51,000 in daily ticket, while tricycle operators will save ₦34,000 in the remaining 170 ticket days in the year 2020. This saving excludes levies on emblems and stickers.
Among the tax waivers granted SMEs by Governor Udom Emmanuel, as announced by the Akwa Ibom State Internal Revenue Service, AKIRS, includes, extension of deadline for filing of individual income tax return for 2019 from March 31, 2020 to September 30, 2020.
In a public notice widely circulated to media organisations in the state and signed by the chairman of AKIRS, Mr Okon Okon, the Akwa Ibom State Government has granted tax waiver of interest charged for late payment/remittances of taxes for 2020 tax year.
The government has equally granted tax waiver of business premises levy for Small and Medium Enterprises (SMEs) with maximum annual turnover of ₦5 million for 2020 tax year ending December 31, 2020.
It has also granted waiver of economic development levy for Small and Medium Enterprises (SME) with maximum annual turnover of ₦5million for 2020 tax year ending December 31, 2020 as well as 25% discount on Personal Income Tax for traders in all the markets for 2020 tax year.
Further details on the tax waivers granted by Akwa Ibom state government is published on the AKIRS website https://irs.ak.gov.ng/services/tax-reliefs-granted-by-the-governor-of-akwa-ibom-state/
