Tax Insights from The Governor's Office
"Anything that will put money in the pocket of the people is what I am interested in so they can use it where the shoe pinches. At this time, I'm not interested in whatever policy that will empty their pockets. I'll continue to fight poverty and not fight the poor," he said.
The governor, however, praised the assembly for the initiative, which, he believed, was directed at raising the Internally Generated Revenue of the state.
About Oyo State Board of Internal Revenue
The Oyo State Board of Internal Revenue is a State Revenue Agency that derives its existence from the Personal Income Tax Act Law of the Federation 2004, which stipulates the establishment of THE BOARD OF INTERNAL REVENUE by all the States of the Federation.
The Oyo State Edict of 1996 established the Board to carry out the functions of assessing, collecting, and accounting for taxes, levies, and fees with the additional responsibility of tax policy formation for the state.
What is Withholding Tax
Withholding Tax is an advance payment of income tax. In principle, WHT is a payment on account of the ultimate income tax liability of the taxpayer or company. Withholding tax is not a separate tax on its own and does not confer an exemption from the filing of annual tax returns by the company which had suffered WHT. The tax is to be deducted at source when a payment is due or paid to the beneficiary, whichever comes earlier.
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