Governor Seyi Makinde of Oyo State has refused to sign the Presumptive Tax Bill into law, citing concerns over the potential negative impact on the state’s poor.
He emphasized that the current economic conditions have left many people hungry and angry, and he is focused on policies that will alleviate poverty rather than add to the financial burdens of citizens.
Makinde made this decision public during the flag-off of the upgrade of Samuel Akintola Airport to international standards, where he praised the Oyo State House of Assembly for their intention to increase the state’s Internally Generated Revenue (IGR) but stated that now is not the time to implement the bill.
He expressed his preference for policies that put money in people’s pockets rather than take it out.
The Presumptive Tax Bill, passed by the Oyo State House of Assembly, is aimed at taxing individuals and businesses without formal financial records, such as barbers, carpenters, and hairdressers, among others. The bill outlines various tax rates for different professions and businesses and provides penalties for non-compliance as well as rebates for those who file returns on time.
Under the section of the law titled: “Oyo State Negotiated Presumptive Tax Rate”, owners of adult wear (boutique) are liable to pay a minimum of N10,000 yearly and maximum of N50,000; barbers to pay from N3,000 to N10,000; artists and sign writers to pay from N5,000 to N50,000; bicycle repairers to pay between N2,000 and N10,000; bookshop/stationery stores to pay a minimum of N10,000 and a maximum of N20,000; bricklayers to pay from N10,000 to N30,000;
Sellers of building materials to pay from N15,000 to N50,000; furniture makers to pay N25,000 to N40,000; carpenters are to pay between N10,000 and N35,000; gas refilling sellers to pay between N25,000 and N45,000; photographers to pay between N2,000 and N5,000; plumbers to pay between N2,000 and N10,000; welders to pay from N5,000 to N20,000; fruit sellers to pay from N1,000 to N5000; sales and repairs of handset to pay between N2,500 and N4,000;
While shoemakers are to pay between N500 and N2,000; laundry to pay from N1,000 to N2,500; block makers to pay between N15,000 and N25,000; vulcanisers to pay between N2,500 and N7,500; mechanics/welder/rewire are to pay between N1,500 and N5,000 and plank sellers to pay between N2,500 and N10,000.
However, Governor Makinde’s stance is clear: he will not impose additional financial strain on the poor, choosing instead to focus on fighting poverty and improving the lives of Oyo State residents.
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