Oyo Government Assures SMEs on Taxation

Oyo State government has promised that it will not increase tax on small and medium scale enterprises, SMEs, as a means of boosting its revenue base.

Giving this assurance, the Chairman, Oyo State Board of Internal Revenue, BIR, Aremo John Adeleke, in a chat with newsmen at his office in Ibadan, stated that the State would re-visit the State’s tax net and capture areas not already captured in order to improve internally generated revenue. He added that Governor Seyi Makinde’s government would seek for ways to build and nurture the growth of SMEs in the State rather than to burden them with heavy tax that could drive them out of business. Adeleke stated, “It is in line with the promise of governor Seyi Makinde to empower small scale businesses in the State to propel growth in our economy. As he works assiduously to attract foreign and domestic investments to the State, he is also working to establish and sustain small and medium scale industries in Oyo State. So the idea of tax increament on businesses is not even to be discussed here. We will rather nurture them to grow and be self-sustaining than to over-burden them with tax”. “The government nonetheless expects all SMEs to comply with all extant tax laws, especially the ones on personal assessment of business proprietors, withholding tax and VAT payable to the State”, he added. Aremo Adeleke enjoined commercial vehicle owners and drivers as well as motorcycle riders and owners to collect necessary documents from approved agencies and tax stations under Oyo State internal Revenue Services instead of doing same in neighboring States. He said “We assure everyone of quick turnaround time of registering or renewing vehicle documents. We also promise all our patrons quick availability of number plates for all categories of vehicles.” Adeleke used the occasion to call on the staff of the board of internal revenue to be quick, responsive and work with utmost integrity and professionalism which he said was the best way to support the present administration in its drive for improved internally generated revenue.


Source: Punch