Cross River State Commissioner of Finance, Asuquo Ekpenyong says the Cross River State Government in line with the negative attendant effects of the global pandemic on the Gross Domestic Product, GDP, of nations, will implement a couple of economic policies and measures to forestall hardship and cushion the effects of the pandemic on all categories of people living and working in the state.
As a first step, Ekpenyong who spoke at a press briefing in Calabar, Monday, disclosed that the state government has reviewed and amended the 2020 budget to a revised figure of N147.1 billion from the initial N1.1 trillion and passed same to the State House of Assembly for ratification.
Similarly, the Commissioner said tax breaks, reliefs and palliative to businesses and individuals resident in Cross River State will be implemented to cushion the negative impact of the pandemic. While giving these breaks, the state government will work at ensuring that it strengthens her tax collection modalities, to eliminate leakages as well as further develop its tax database and strengthen possible revenue sources and associated revenue streams.
Akpanke Ogar, who heads the Cross River State Internal Revenue Service, present at the press briefing, disclosed that individuals in the public sector ( under the Pay-As-You-Earn scheme) earning less than #100,000.00 (one Hundred Thousand Naira) monthly are granted Tax relief from Personal Income Tax, in line with the provisions of the Cross River State Tax Exemption Law 2015 (as amended).
He also disclosed that self-employed persons (artisans, hawkers, okada riders, tricycle riders, taxi drivers, petty shops, barbing/hair dressing saloons owners, Restaurants/Eateries) and others under the pressure Tax Regime are granted Tax Relief in line with the provisions of the Cross River State Tax Exemption Law 2015 (as amended). The deadline for the submission of returns for Personal Income Tax by taxable persons in the State for 2019 Tax year has been extended from 31st of March, 2020 to 31st December, 2020, he disclosed further.
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