Lekan Yusuf, IbadanĀ
In a bid to boost revenue generation, the Oyo State Board of Internal Revenue has announced plans to shut down hospitality businesses that fail to meet their tax obligations by February 13, 2025. The affected businesses include hotels, restaurants, apartments, and other establishments in the hospitality sector.
According to the board, these businesses must settle various taxes and levies, including Personal Income Tax, Land Use Charge, Withholding Tax, Stamp Duty and Capital Gains Tax.
The board emphasized that business owners must clear their outstanding payments before the deadline to avoid disruption of operations.
This move is part of the state government’s efforts to ensure compliance with tax laws and increase revenue generation. The board has urged business owners to take advantage of the remaining time to settle their tax debts and avoid any penalties.
