FG Urged To Give MSMEs Breathing Space From Multiple Taxation

FG Urged To Give MSMEs Breathing Space From Multiple Taxation

By Ladi Patrick- Okwoli

President, Abuja Chamber of Commerce and Industry, ACCI, Dr Al-Mujtaba Abubakar emphasised the need for the government to give small businesses a breathing space from multiple taxation.

Abubakar who made the call  during a stakeholders meeting organized by the chamber recently in Abuja, also urged the government at all levels to desist from imposing unnecessary taxes on small businesses considering the effect of such on the growth of the sector and job creation.

He called for harmonisation of taxes levied on MSMEs operators by Local, State and Federal governments to reduce their financial burden for the benefit of the nation.

According to him, “As of today, they claimed that the sector still employs over 50 per cent of the country’s labour force, warning that failure to address concerns about double taxation will further create uncontrollable unemployment in the country.

Also speaking, the Managing Director and Chief Executive of Paul Bou Nigeria Ltd, Eze Uzuegbu said that there is an urgent need for the government to address the problem without further delay.

Uzuegbu said: “Today, all of us are aware that the problems of insecurity, high cost of production, high cost of transportation among others, have greatly affected the growth of MSMEs, making things worse, just as governments’ imposition of different taxes compound production costs.

“Many of the MSMEs are folding up on a daily basis. This should not be so because several jobs have gone into extinction, making the youths to be vulnerably idle; the effects of this could be seen in the areas of increasing crime rate.”

He called on the government to create a business cluster environment based on thematic areas to help reduce cost and boost quality products for consumption and for exports.

He also advocated tax waivers and incentives to SMEs to enable them to grow their companies to standards.

The Chief Executive of Dideola and Co, a company that produces plastics, Mr. Durojaiye Moses urged the government to establish an MSMEs’ fund to assist operators instead of giving soft loans to friends and relations of those in positions of authority.

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ACCIDr Al-Mujtaba AbubakarTaxation

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