February 13, 2019

Prince Adetokunbo Kayode, President of Abuja Chamber of Commerce and Industry (ACCI), has called for urgent tax reforms to save Small and Medium Enterprises (SMEs) from stifling demands for tax even before they make profit. Kayode who stated this while speaking with newsmen in Abuja, explained that the practice of mandatory requirement for tax clearance from companies newly registered was a disincentive for the growth and thriving of SMEs in the country and also one of the stumbling blocks in the Ease of Doing Business. While noting the ongoing progress in national tax reforms, the ACCI boss advised tax authorities to immediately review the tax clearance system to reduce the burden placed on new and young companies sprouting up across the country. “The growth of Small, Medium and Micro Enterprises depends very much on the enabling environment the government is able to create for them to grow. “Their growth will in turn create jobs and collective wealth for the nation. All that is necessary must be done to nurture such new businesses. “New companies should not be mandated to produce tax clearance until after a year or so of operations”, he noted. Wondering why tax must be imposed before operations, Kayode said members of the Chamber of Commerce had variously lamented the negative effect of that policy in their efforts to run their legitimate businesses. “If this country must grow and have a vibrant economy, the plight of the SMEs must be adequately taken into account. SMEs are of fundamental importance to us due the meaningful contribution they add to economic development. “They are constantly expanding output, generating employment, redistributing income, promoting indigenous entrepreneurship as well as greatly producing primary goods that strengthen industrial linkages. The sector is accountable for about 85 per cent of the total industrial employment in the country and between 10-15 per cent of the total manufacturing output”, the President of ACCI insisted.   Source: Punch

The Society of Women in Taxation, Lagos State Chapter, says it is committed to promoting tax knowledge to women in society. In a statement on Monday, SWIT said it would be educating women during its upcoming tax forum for corporate and professional women in Lagos with the theme, ‘Building a new Nigerian tax culture through women.’ The Chairperson , SWIT , Lagos State Chapter, Mrs  Dena-Rose Ajayi, said women were nation builders. “Thus, there is a need to properly enlighten them on tax policy issues,” she said The chairperson said participants at the forum would include women “who are captains of industries and successful women leaders in both private and public establishments.” She said the event would also feature award session during which deserving individuals and organisations would be recognised for their contributions to development of taxation in Nigeria. According to the statement, the chapter recently held its regular tax programme for the youth by organising an inaugural tax debate for the secondary school pupils both in public and private schools in the state.   Source: Punch