Ogun stops direct assessment on directors
The Ogun State Government has stopped direct tax assessment on two-company directors for stamp duties on corporate land transactions using the personal income tax rates.
This is in line with the commitment of the Dapo Abiodun’s administration to create an enabling environment for business and improve its ranking in the ease of doing business index.
In a statement issued by the Information Officer in the state Ministry of Finance, Ayobami Disu, he quoted the Commissioner for Finance, Dapo Okubadejo, as saying that the government has replaced the use of average personal income tax rate for direct assessment on stamp duty with a flat rate of 0.5 per cent on corporate land transaction value.
According to him, the new rate, which is a development levy, will only apply to applicants that are not liable to personal income tax (PIT) in Ogun and therefore present tax clearance certificates (TCC) from other states.
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