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 maximum of N20,000

Bricklayers to pay from N10,000 to N30,000

 Sellers of building materials to pay from N15,000 to N50,000

Furniture makers, to pay N25,000 to N40,000

Carpenters are to pay between N10,000 and N35,000

Gas refilling sellers to pay between N25,000 and N45,000

Photographers to pay between N2,000 and N5,000

Plumbers between N2,000 and N10,000.

Welders, to pay from N5,000 to N20,000

 Fruit sellers to pay from N1,000 to N5000

Sales and Repairs of handset, between N2,500 and N4,000

Shoemakers to pay between N500 and N2,000

 Laundry to pay from N1,000 to N2,500

Block makers to pay between N15,000 and N25,000

Vulcanisers to pay from N2,500 and N7,500
 
Mechanic/welder/rewire are to pay between N1,500 and N5,000

 Plank sellers between N2,500 and N10,000.

A taxable person who fails or neglects to make payment of the tax due shall be liable to pay the sum and a penalty equal to 10 per cent per annum while those who maintain up-to-date records and file returns within the stipulated period shall be granted a rebate of two percent of the tax payable.

As contained in the law, persons subject to presumptive tax shall file returns on or before 90 days from the commencement of each year, while upon payment of all tax assessments, the taxable persons shall be issued a Tax Clearance Certificate."

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