The 36 states of Nigeria have introduced tax relief package to mitigate the effect of the COVID-19 pandemic among Nigerians.
The tax relief, which is also for the speedy economic recovery of the states, will benefit businesses and individual taxpayers.
This was part of the decisions reached at the virtual meeting of the states fiscal transparency, accountability, and sustainability programme organized by the World Bank and the Nigeria Governors’ Forum.
The tax stimulus, which focuses on five main activities, is made up of filing and payment dates, tax moratorium, waivers, or reduction of penalties and interest overextension period.
According to the states’ fiscal transparency, accountability, and sustainable programme, the waivers for businesses are no longer optional, but essential elements of government stimulus expected to facilitate the recovery for businesses facing a liquidity crisis.
