By Modupe Gbadeyanka
An appeal has been made to the Federal Government on the need to fast track the implementation of tax harmonisation policy.
Head of Research at the Lagos Chamber of Commerce and Industry (LCCI), Dr Vincent Nwani, informed the News Agency of Nigeria (NAN) that the quick implementation of this process would enhance growth of the Micro, Small and Medium Enterprise (MSME) sector.
Also, Mr Nwani pointed out that harmonisation of tax policy would ameliorate negative economic challenges and expedite economic recovery from recession, lamenting that multiple taxes and levies imposed on the private sector had become a burden and stifled economic growth.
“In spite of the existence of the Taxes and Levies Approved List for Collection Act, states and local governments have simply ignored the Act in order to increase their internally-generated revenue.
“The current economic recession is increasing pressure on companies to cut costs and on tax authorities to aggressively enhance revenue.
“This has led to series of complaints from the business community; if the country wants to improve its Ease of Doing Business ranking, we must support business growth by addressing tax issues,” he said.
On her part, the Managing Director of Prinsult Consulting, Mrs Raliat Oyetunde, said multiplicity of tax was disincentive to the growth of economy presently grappling with poverty, unemployment and desirous of attracting investments to the economy.
“An SME operator who pays taxes to the three tiers of government, runs his business via generators, pays staff salaries will find it as a herculean task making profit to keep his business afloat because of high overhead cost.
“Some of this burden will definitely be transferred to the consumer of the product or services leading to more discomfort for the masses.
“If left unchecked, hopes of growing the economy to meet its vision 2020 target of getting enlisted as one of the top 20 economies will be unattainable,” she said.
Similarly, the Managing Director of Wholistic Business Solution, Mrs Olanrewaju Oniyitan, urged government to spur SME growth through creation of a separate tax and regulatory framework.
According to the Business Development Service Provider (BDSP), the framework will boost productivity, generate jobs and improve wealth creating opportunities for inclusive growth.
more recommended stories
SEC Nigeria to Tighten Market Regulations for Efficiency
By Dipo Olowookere The new Director-General.
PZ Shareholders to Decide Nutricima Sale July 28
By Dipo Olowookere Shareholders of PZ.
OPEC Basket Hits $43.54 Per Barrel
By Adedapo Adesanya The price of.
CBN Deducts N122bn from Banks
By Dipo Olowookere Banks with excess.
Nigeria’s Overnight Lending Rate Closes at 21% on Monday
By Dipo Olowookere The Overnight (OVN).
Lagos BDC Operators Sell Dollar at N458.20
By Adedapo Adesanya The Naira dropped.
Crude Oil Closes Mixed Amidst Tighter Supplies
By Adedapo Adesanya Prices of crude.
NASD OTC Exchange’s Key Indicators Remain Flat
By Adedapo Adesanya The NASD Over-the-Counter.