- August 17, 2021
- Posted by: adminer
- Category: Social Economic, Trade and Industry
The Presidential Enabling Business Environment Council (PEBEC) will address thorny issue of multiple taxation that poses challenges to the business environment.
Vice President Yemi Osinbajo made this known on Monday in Abuja at the First Abuja Small and Medium Enterprises (SMEs) conference and exhibition 2021.
The conference, which was organised by the Abuja Chamber of Commerce and Industry (ACCI), was aimed at providing Solution Strategies for Resolving Tax, Regulatory, Packaging and Logistic Challenges Facing Nigerian SMEs.
Osinbajo, represented by Amb. Mariam Katagum, Minister of State for Industry, Trade and Investment said government was focused on improving Ease of Doing Business and encouraging tax and fiscal responsibility.
The vice president noted that the problem of taxation on the growth of SMEs in the country was exacerbated by lack of reliable data for statistical analysis.
According to the vice president, the mortality rates of SMEs are very high, and among the factors responsible for this are tax related issues.
He said it was on the above premise that the government, through the Finance Act 2019 and 2020, amended various tax and fiscal legislations to align Nigerian business environment with global standards.
“One of such amendments is the categorisation of companies into small, medium, and large companies, based on annual gross turnover as seen in the Finance Act 2019.