Tax relief: Fed Govt, World Bank plan $2.5m grant for each state

World Bank
Please check your E-mail inbox or spam to confirm.

Some states that began implementation of tax relief for individual taxpayers and businesses by September 31 are to be compensated.


Such states will partake in the $2.5 million set aside by the Federal Government through its Ministry of Finance, Budget and National Planning and the World Bank, the Nigeria Governors’ Forum (NGF), said on Sunday.

Planed as grant, the incentive is to stimulate the success of the various tax relief programmes being introduced by state governments as part of measures to mitigate the debilitating toll of the pandemic on businesses and individuals and to aid speedy recovery of local economies.

NGF spokesman Abdulrazaque Bello-Bakrindo, who broke the news in a statement, said the initiative formed part of the outcome of a virtual meeting held on August 14, under the States’ Fiscal Transparency, Accountability and Sustainability (SFTAS) Programme for Results, organised by the World Bank and the NGF, midwifed by the Finance ministry.

HEY THERE: Are you looking for a WhatsApp TV where you can find great memes, funny videos, and trending gists, even with several opportunities with cash prizes? Then look no further. LOP TV is here to bring to you this top-rated content. JOIN LOP TV now

The statement identified the various tax reliefs measure so far announced by states and said the “efforts are being incentivised by a new Disbursement Linked Indicator (DLI) under the FMFBNP – World Bank $750 million  SFTAS programme for results.

It reads: “Eligible states will be rewarded with USD2.5 million each in performance-based grants if they announce by 31st July 2020 and implement by ?30th September 2020 a tax compliance relief programme for individual taxpayers and businesses to mitigate the COVID-19 impact.

However, there are criteria to be met if a state is to receive the $2.5 million. These are that, state announcements should be signed by the Commissioner of Finance or the Executive Chairman of the State Internal Revenue Service, and published on state websites and in national dailies to ensure widespread awareness amongst taxpayers.

“Furthermore, the state government should issue to their tax officials and collecting agents, guidelines for the implementation of the reliefs to ensure consistent execution by all and sundry.”

According to the statement, the virtual meeting was attended by 125 participants from the 36 states, including commissioners of Finance and executive chairpersons of states’ Internal Revenue Services.

It noted that states are already introducing various forms of tax relief, which include extension of filing and payment dates, tax moratoriums, waivers or reduction of penalties and interests over the extension period.

Some states, the statement said have been offering rebate or discounts on taxes paid within a specific period, while others are allowing the payment of taxes, fees and levies among others in instalments.

Besides, states’ tax offices now enable filing and the issuance of tax clearance certificates electronically (online).

According to the statement, SFTAS experts at the meeting “concluded that such waivers for businesses were no longer optional, but have become an essential element of governments’ stimulus-targeted packages to facilitate recovery for businesses facing liquidity crisis, and individuals whose livelihoods have been adversely impacted by the COVID-19 crisis.

It said: “State governments are themselves currently experiencing a liquidity crisis of their own; and with limited capacity to borrow, it has become imperative that they find a balance between granting tax reliefs and maintaining revenues at a sustainable level.

The extent to which government revenues will be impacted by these reliefs will depend on the type of relief that they grant and their ability to raise their tax efforts simultaneously, including offering incentives for greater tax compliance.”

Source: Punch

MASSIVE OFFER: Get your business seen by 8,000 people for just N1,000. How? See here!

Free Meta Business Management Course

DISCLAIMER: Do not pay or release sensitive financial details to any organizer/recruiter unless futher verified from your end.
Easter Hunt Sale
Easter Sale
ACEworld Publishers

About the Author: ACEworld Publishers

At ACEworld Publishers, we publish Latest Opportunities, Jobs & Free Online Courses. Join us on Twitter .

🕛 Feb 01, 2023
2023 Tokyo University Amgen Scholars Program for Undergraduates
in Scholarships | for Undergraduates

🕛 Feb 01, 2023
Carleton University 2022/2023 Richard J. Van Loon Scholarships for African Students
in Masters Programs | for Africans

🕛 Feb 01, 2023
Drexel University Global Scholar Program for Undergraduate Students 2023
in Scholarships | for Undergraduates

🕛 Feb 01, 2023
Harry Frank Guggenheim (HFG) 2023 Emerging Scholar Awards for Graduate-Student Researchers
in Awards & Prizes | for Researchers

🕛 Feb 01, 2023
Harry Frank Guggenheim (HFG) 2023 Emerging Scholar Awards for Graduate-Student Researchers
in Fellowships | for Post Graduates

🕛 Feb 01, 2023
Jim Baen Memorial Short Story Award 2023(Science Fiction)
in Awards & Prizes | for Writers & Poets

🕛 Feb 01, 2023
St. Gallen Symposium 2023 Leader of Tomorrow Essay Competition (CHF 20,000+Funded to Switzerland)
in Essay Contests & Prizes | for Post Graduates

🕛 Feb 01, 2023
Study in Holland: Delft University of Technology Scholarship 2023-2024
in Masters Programs | for Post Graduates

🕛 Feb 01, 2023
Study in USA: University of La Verne 2023 Performance Scholarship for Undergraduate Students
in Scholarships | for Undergraduates

🕛 Feb 01, 2023
University of Gävle 2023-2024 Iyabo Theresa Ogionwo Memorial Foundation Scholarship for African Students
in Scholarships | for Africans

1 2 3 4 5 6 7 8 9 10 11 12