Small and Medium Scale enterprises as well as budding entrepreneurs can start heaving a sigh of relief if the words of the Minister of Finance, Mrs Kemi Adeosun, is anything to go by. She said at the presentation of the recommendations of a 12-man committee set up to review the tax policies of the country.
Primary among the recommendations of the committee was reduction of taxes payable by Small, Micro and Medium Enterprises (SMMEs) in the country. The rationale for this recommendation according to the committee is to encourage more entrepreneurs to startup businesses as well as boost profitability of existing ones, which will eventually result in increased Gross Domestic Product (GDP).
The Oil and gas sector also had recommendations to balance national interests with fairness.
“We need to deal with legislations that need to be changed. Nigeria cannot afford to be running with antiquated tax laws.” The Minister said, confirming that her Ministry would swing into action to implement the recommendations of the committee.
The chairman of the committee Prof. Sanni said that the recommendations represent a roadmap in terms of general principles of what government will do or not to do in order to achieve the objective of diversifying our revenue base and also increases the tax to GDP ratio.’
Parts of this article originally appeared in Daily Trust