Bayelsa IRS grants 50% tax discount for businesses and individuals

Bayelsa State

In an effort to cushion the effects of the COVID-19 pandemic on taxpayers in Bayelsa state, the Governor of the state, Senator Bouye Diri, has approved a number of tax reliefs for businesses and individuals.

The reliefs which were contained in the public announcement signed by the Executive Chairman of the Bayelsa Board of Internal Revenue Service, Dr. Nimibofa Ayawei, include the following:

  1. The deadline for the submission of Form A for employees and Annual Returns in accordance with sections 41(3) and 81 (1-3) of the Personal Income Tax Act (PITA) 2011 as amended, for companies and institutions operating in Bayelsa State, has been extended to 30 September, 2020.
  2. A waiver of penalty and interest until 31 August, 2020 for all outstanding Pay-As-You-Earn (PAYE) remittances.
  3. A waiver of penalty for all outstanding tax issues up to December 2019, for which the undisputed amounts are paid within thirty days post inter-state lockdown.
  4. 50% discount of the Personal Income Tax Assessment from the informal sector in the year 2020 as contained in the Minimum Harmonized Tax Rates in Bayelsa State.
  5. 35% discount on on Pool Betting Tax for year 2020.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your 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

Website Powered by

Up ↑

%d bloggers like this: