By Olufemilade Oyinade

Ogun State Government has stopped the historical practice of direct tax assessment on two company directors for stamp duties on corporate land transactions using the personal income tax rates.

This is in line with the commitment of the Dapo Abiodun’s administration to create an enabling environment for business and improving its ranking in the ease of doing business index.

A statement issued by the Information Officer in the state Ministry of Finance, Ayobami Disu, quoted the Commissioner for Finance, Dapo Okubadejo, as saying that the government had replaced the use of average personal income tax rate for Direct Assessment on stamp duty with a flat rate of 0.5% on corporate land transaction value.

According to him, the new rate, which is a Development Levy would only be applicable to applicants that are not liable to Personal Income Tax (PIT) in Ogun State and therefore presents Tax Clearance Certificates (TCC) from other States.

He said: “For applicants resident in Ogun State, the normal PIT assessment would be based on the applicable Pay-As-You-Earn (PAYE) tax rates for such applicants”.

Categories: Uncategorized

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.