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Oyo State Govt to punish tax evaders

28 January 2013, 09:02

Oyo -  The Oyo State Government has said that it will take stiffer measures against tax evaders.

A statement signed by the Senior Special Assistant to the governor on Taxation, Mr. Femi Awakan, on Sunday, stated that strategies were already in place to improve revenue collection.

It stated that improved revenue generation was paramount to the realisation of the development agenda of the state government.

The statement indicated that the state's Board of Internal Revenue, charged with the responsibility of revenue collection, would enforce compliance with tax payment.

"It is compulsory that every adult (citizen) pays tax.

``This tax payment must be accurately calculated. The taxes and levies should be as stipulated in relevant tax laws."

The taxes highlighted by the board are the personal income tax, withholding tax and capital gains tax.

It added also that failure to file or return the employee income tax shall attract a fine of N500,000 for corporate organisation and N50,000 for individual.

The statement said fake tax clearance certificates would attract N50,000 fine, while corporate institutions found guilty of a similar offence, would be fined N5 millionnaira or face three-year-imprisonment.



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