The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) says the tax reform bill will eliminate regulatory bottlenecks and boost micro small and medium enterprises’ (MSMEs) growth.
Charles Odii, SMEDAN’s director-general (DG), spoke on Friday during a stakeholder engagement on tax reforms organised by the agency in Abuja.
The event, themed “Understanding the Tax Reform Bills: Benefits and How MSMEs Can Maximise Tax,” brought together key industry stakeholders, offering business owners an opportunity to seek clarification and gain insights into the provisions of the tax reform bill.
Odii said that once passed into law, the bill would remove multiple taxation and exempt businesses with annual earnings below N100 million from key tax obligations.
“We have 39,654,385 nano, micro small and medium enterprises (MSMEs) in Nigeria, and the first step towards ensuring their success is sensitisation,” he said.
“Many small business owners are unaware that if this tax reform bill is passed, they will no longer be required to pay VAT, CIT, PAYE, and several other taxes.”
The DG further said the reform aims to encourage business formalisation and expansion by removing excessive taxation fears.
