Stakeholders have identified multiple taxations, illegal levies and enormous tax burdens as challenges Small and Medium Enterprises (SMEs) face in Delta state.
Analysis manager, Partnership Initiative in the Niger Delta, , Mr Charles Ofulue, speaking on Thursday during a workshop in Asaba on the topic. “Multiple Taxation And Illegal Levies Report Validation” disclosed SMEs size and nature make them unique and vulnerable to illegal tax collection activities.
While saying that in many government policies, SMEs are usually seen and treated in the same light as large corporations, he agreed the problem faced by small enterprises is the negative relationship between taxes and levies and their ability to sustain themselves and expand their businesses. “Small businesses, particularly those in the agricultural value chain are faced with highly discriminatory tax rates, a multiplicity of taxes and complex tax regulations as well as lack of proper enlightenment or education about tax related issues,” Ofulue said.
In their contributions, executive director, Delta State Board of Internal Revenue and member, Delta State House of Assembly, , Dr Frank Nwugu and Bridget Anyafulu, confirmed that there is a law against multiple taxation in the state but not well enforced. SMEs comprise 96 per cent of Nigeria’s economy and their activities contribute immensely to its Gross Domestic Product , the take holders promised to make sure the laws are implemented to discourage multiple taxation or reduce it to the barest minimum.“Small businesses are presumably the engine of growth and diversification and provide the region’s opportunity for a well-articulated economic strategy” they stated.
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