Makinde Denounces Proposed Tax Increase Amidst Rising Hunger

 Makinde Denounces Proposed Tax Increase Amidst Rising Hunger

On Wednesday, Oyo State Governor Seyi Makinde rejected the Presumptive Tax Bill recently passed by the state House of Assembly, citing the economic hardships faced by residents. Makinde criticized the bill for adding extra financial burdens on the already struggling population, emphasizing his commitment to policies that support the people’s financial well-being…..CONTINUE READING 

“I am focused on measures that put money in the pockets of the people so they can use it where it is most needed. At this moment, I am not interested in policies that will deplete their finances. My priority is to combat poverty, not penalize the poor,” Makinde stated during a ceremony marking the upgrade of Samuel Akintola Airport to international standards.

While the governor acknowledged the Assembly’s effort to boost the state’s Internally Generated Revenue, he decided against implementing the bill at this time.

The Presumptive Tax Bill, passed last Thursday, aims to impose and manage tax on individuals and businesses with unrecorded income. It outlines varying tax rates for different professions, including artists, barbers, carpenters, and more. For example, adult wear boutiques would pay between N10,000 and N50,000 annually, while barbers would be taxed between N3,000 and N10,000.

The bill mandates that taxable individuals must file returns within 90 days of the new year and face penalties for late payments. Conversely, those with up-to-date records who file on time can receive a 2% rebate. Once all tax obligations are settled, individuals will receive a tax clearance certificate.