AsheNews

Top Menu

  • Advert Rates

Main Menu

  • Home
  • General News
  • AGRICULTURE
  • Business/Banking & Finance
  • Entertainments & Sports
  • HEALTH
  • International
  • Investigation
  • Law & Human Rights
  • Advert Rates

logo

Header Banner

AsheNews

  • Home
  • General News
  • AGRICULTURE
  • Business/Banking & Finance
  • Entertainments & Sports
  • HEALTH
  • International
  • Investigation
  • Law & Human Rights
  • NYC Multicultural Festival: Emir of Argungu honours community leader in Harlem

  • Help end child abuse, molestation: 9-year-old appeals to world leaders

  • Bandit terrorists kill 50-year-old cleric in Kaduna

  • 30-year-old man punches mother of 2 to death in Anambra – Police

  • Insecurity: Makinde approves recruitment of 500 additional Amotekun Corps

BUSINESS/BANKING & FINANCEGENERAL NEWS
Home›BUSINESS/BANKING & FINANCE›COVID-19: States to get $2.5m performance-based grants for tax relief

COVID-19: States to get $2.5m performance-based grants for tax relief

By Abdallah el-Kurebe
August 16, 2020
317
0
The Nigerian Governors’ Forum (NGF), has disclosed that each state government would receive $2.5 million performance-based grants, for implementing tax relief programmes for individual taxpayers and businesses to mitigate COVID-19 impact.
The forum disclosed this in a statement issued by the Head, Media and Public Affairs of NGF Secretariat, Mr Abdulrazaque Bello-Barkindo, in Abuja on Sunday, after a virtual meeting jointly organised by the World Bank and the forum.
The forum, however noted that only states that met the deadline and required conditions for the tax relief programme, would benefit from the incentive.
The virtual meeting, according to the statement, was held under the States’ Fiscal Transparency, Accountability and Sustainability (SFTAS) Programme for Results, midwifed by the Federal Ministry of Finance, Budget and National Planning (FMFBNP).
“These efforts are being incentivised by a new Disbursement Linked Indicator (DLI) under the FMFBNP World Bank $750 million SFTAS Programme for Results.
“Eligible States will be rewarded with USD2.5 million each in performance-based grants if they announce by July 31 and implement by ‪ Sept. 30 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 $2.5m.
“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.”
The statement disclosed that the 36 states were introducing tax relief programmes to mitigate the impacts of the COVID-19 pandemic on businesses and individual taxpayers and ensure the speedy recovery of State economies.
The relief programmes initiated in states across board, according to the statement, have focused on five main tax activities.
These include extension of filing and payment dates, tax moratoriums, waivers or reduction of penalties and interests over the extension period.
It noted that while some states were also offering rebates or discounts on taxes paid within a specific period, others were allowing the payment of taxes, fees and levies among others in instalments.
Also, while state governments were currently experiencing a liquidity crisis of their own; and with limited capacity to borrow, it had became 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”, the statement said.
The virtual meeting according to the statement was attended by 125 participants from the 36 States of the Federation including State Commissioners of Finance and Executive Chairpersons of State Internal Revenue Services. (NAN
TagsCOVID-19GrantNGFperformance-based grantState governmentsTax relief
Previous Article

Edo, Ondo polls: Arrest, prosecute persons with ...

Next Article

Biden leads Trump by 9 points in ...

Abdallah el-Kurebe

Related articles More from author

  • GENERAL NEWS

    Nigerian governors to establish farm estates, increase aggregate tax revenue by 200%

    February 17, 2022
    By NewsDesk
  • GENERAL NEWSHEALTH & HEALTHY LIVING

    JUST IN: Tambuwal tests negative for COVID-19

    December 21, 2020
    By Abdallah el-Kurebe
  • HEALTH & HEALTHY LIVINGVIEWPOINT/ANALYSIS

    World Contraception Day: Reflecting on Women’s Right to Choice

    October 2, 2020
    By Abdallah el-Kurebe
  • GENERAL NEWSHEALTH & HEALTHY LIVINGINTERNATIONAL

    COVID-19: Brazil’s health authority rejects Russian Sputnik V vaccine

    April 27, 2021
    By Abdallah el-Kurebe
  • AFRICAGENERAL NEWSHEALTH & HEALTHY LIVING

    COVID-19: Africa’s confirmed cases top 3.75m

    February 15, 2021
    By Editor
  • GENERAL NEWSHEALTH & HEALTHY LIVINGINTERNATIONAL

    COVID-19: Poland’s President Duda tests positive for virus

    January 5, 2022
    By NewsDesk

Leave a reply Cancel reply

You may interested

  • SECURITY

    MSF marks 50th anniversary, organises photo exhibition in Sokoto

  • ENTERTAINMENT & SPORTSGENERAL NEWS

    FULL LIST: Members of national sports federations’ caretaker committees

  • AFRICAGENERAL NEWSHEALTH & HEALTHY LIVINGUNITED NATIONS

    COVID-19: UN canvasses additional 225m vaccine doses for Africa

Latest News

  • June 26, 2022

    NYC Multicultural Festival: Emir of Argungu honours community leader in Harlem

  • June 26, 2022

    Help end child abuse, molestation: 9-year-old appeals to world leaders

  • June 26, 2022

    Bandit terrorists kill 50-year-old cleric in Kaduna

  • June 26, 2022

    30-year-old man punches mother of 2 to death in Anambra – Police

  • June 26, 2022

    Insecurity: Makinde approves recruitment of 500 additional Amotekun Corps

Latest Comments

  • Aliyu Buba Maigoro
    on
    April 3, 2022
    The unfortunate thing is, does your votes count?!

    NULGE TO NIGERIANS: Don’t re-elect governors opposing LG autonomy

  • mubashshir Muhammad sani
    on
    March 22, 2022
    Good news

    FAAC: Federal, states, local governments share N590.546bn as February allocation 

  • AA Sadeeq
    on
    March 16, 2022
    And the US and all its political leaders?

    Biden changes stance, calls Putin ‘a war criminal’

  • Umar Ahmad
    on
    March 12, 2022
    What the USA refused to happen to her in 1960s, she is now trying to force ...

    Russia-Ukraine War: Why Nigerian govt must ban maize exports – Dangote

  • mohammad abubakar kudu
    on
    March 11, 2022
    Very good and updated reports..

    How governors spend security votes, NGF chairman, Fayemi reveals

About us:

ASHE (Pronounced ASH) is an acronym for Agriculture, Science, Health and Environment. Ashenewsonline brings to you news focused in these as well as Politics, Business, Economy and all other aspects of human endeavour.

We are here to feed into Nigeria’s news service chain as a frontier source for citizens journalism. Beyond mentioning, Ashenewsonline encourages people to provide story tips on human rights abuses, corruption, good governance, etc.

Contact Info:

  • No. 5, Maiduguri road 1st floor, Dogon Daji House, Sokoto
  • 07031140009
  • ashenewsonline@gmail.com
  • Recent

  • Popular

  • Comments

  • NYC Multicultural Festival: Emir of Argungu honours community leader in Harlem

    By Abdallah el-Kurebe
    June 26, 2022
  • Help end child abuse, molestation: 9-year-old appeals to world leaders

    By NewsDesk
    June 26, 2022
  • Bandit terrorists kill 50-year-old cleric in Kaduna

    By NewsDesk
    June 26, 2022
  • 30-year-old man punches mother of 2 to death in Anambra – Police

    By NewsDesk
    June 26, 2022
  • Nigeria says 3,598 cholera deaths in 2021 unacceptable

    By Editor
    January 11, 2022
  • Nigeria’s apex bank governor tasks rice millers on FOREX, employment

    By NewsDesk
    February 2, 2022
  • COLUMN: The Craze for Easy Money in Nigeria and The Hanifa Story, By Prof. M ...

    By NewsDesk
    February 6, 2022
  • How governors spend security votes, NGF chairman, Fayemi reveals

    By NewsDesk
    March 11, 2022
  • Aliyu Buba Maigoro
    on
    April 3, 2022

    NULGE TO NIGERIANS: Don’t re-elect governors opposing LG autonomy

    The unfortunate thing is, ...
  • mubashshir Muhammad sani
    on
    March 22, 2022

    FAAC: Federal, states, local governments share N590.546bn as February allocation 

    Good news
  • AA Sadeeq
    on
    March 16, 2022

    Biden changes stance, calls Putin ‘a war criminal’

    And the US and ...
  • Umar Ahmad
    on
    March 12, 2022

    Russia-Ukraine War: Why Nigerian govt must ban maize exports – Dangote

    What the USA refused ...

Photostream

    Follow us

    © Copyright ASHENEWS. All rights reserved. Digital materials on this website may not be published, reproduced, rebroadcast, rewritten or redistributed in whole or in part without prior express written permission from PenPlus Media Consults Ltd, Publishers of AshenewsDaily.com | Powered by Growsyn Cloud Platform