New Telegraph

Stamp duties: Ogun stops direct assessment on company directors

The Ogun State government yesterday said that it has stopped the historical practice of direct tax assessment on two company directors for stamp duties on corporate land transactions using the personal income tax rates. This was in line with the commitment of the Dapo Abiodun 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 had 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 be applicable to applicants that were not liable to Personal Income Tax (PIT) in Ogun State and therefore presented Tax Clearance Certificates (TCC) from other states.

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