• Thursday, June 20, 2024
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Why Delta approved tax relief for SMEs

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Delta State government has explained why it approved tax palliatives for some categories of Small and Medium Enterprises SMEs) in the state.

Chief tax officer of the state and chairman, Delta State Internal Revenue Service, Monday Onyeme said the tax palliatives recently approved by the government was to assist private businesses in the state to remain in business and retain their workers amid the Covid-19 pandemic.

SEE ALSO: Why we approved tax palliatives for SMEs – Delta govt

Speaking in Asaba, Onyeme explained that the tax relief included waivers on the statutory 25 percent interest on delayed tax remittance as well as the compulsory 10 percent penalty for tax default.

According to the revenue service boss, private schools and hospitals, eateries, publishing houses as well as entrepreneurs in the informal sector would also benefit from the tax reliefs provided they showed justifiable cause through a formal application.