The Ogun State government ended the historic practice of directly imposing tax on two corporate directors for stamp duties on corporate land transactions using corporate tax rates. personal income.
This is in line with the Dapo Abiodun administration’s commitment to create a conducive business environment and improve its ranking in the Ease of Doing Business Index.
In a statement released by the information officer of the state’s finance ministry, Ayobami Disu, he quoted the finance commissioner, Dapo Okubadejo, as saying that the government has replaced the use of the average tax rate. on personal income for the direct assessment on the stamp duty by a flat rate of 0.5 percent on the land transaction value of the business.
According to him, the new rate, which is a development tax, will only be applicable to applicants who are not subject to personal income tax (PPI) in the state of Ogun and, therefore, present Customs Clearance Certificates (TCCs) from other states.
He said, “For applicants residing in Ogun State, the normal IRP assessment will be based on the tax rates applicable to those applicants.”