Akwa Ibom has given an exemption to Small and Medium Enterprises with a maximum turnover of N5 million for the payment of business premises levy as part of the tax relief scheme.
It has also waived the economic development levy for SMEs with a maximum of N& million turnover for the year
Okon Okon, executive chairman, internal revenue service in a statement issued in Uyo, the state capital, it stated that measures were part of the tax reliefs approved by Governor Udom Emmanuel.
Similarly, it stated that the state government has given approval for the suspension of specific road levies (viz daily ticketing, stickers and emblems, and haulage fees) for the 2020 tax year as well as granted a 25 percent discount on Personal Income Tax for traders in all the markets for 2020 tax year.
In the same vein, it extends the deadline for filing of the individual income tax return for 2019 from March 31, 2020, to September 30, 2020.
The Governor also waived the penalty charged for late payment and remittances of taxes for 2020 tax year as well as interest charged for late payment/remittances of taxes for 2020.