Oyo Assembly passes presumptive tax bill into law
"Oyo State House of Assembly, on Thursday, passed into law the State Presumptive Tax Bill, 2023, which provides for the imposition, administration, and collection of presumptive tax on individuals and entities whose income cannot be ascertained due to lack of financial records. Those businesses captured for various presumptive tax rates include artists and sign writers, barbers, bricklayers, carpenters, grinding mills, gas refilling depots, hairdressers, horticulturists, photographers, plank sellers, plumbers, welders, mechanics, block makers, saw millers, book stores, typing studios. Under the section of the law titled: “Oyo State Negotiated Presumptive Tax Rate,” owners of adult wear (boutique) are liable to pay a minimum of N10,000 yearly and maximum of N50,000; Barbers, will pay from N3,000 to N10,000 Artists and sign writers will pay from N5,000 to N50,000 Bicycle repairers, will pay between N2,000 and N10,000. Bookshop/stationary stores to pay a minimum of N10,000 and ...