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Leading Africapitalism crusader and chairman of United Bank for Africa (UBA), Tony Elumelu has called on the Federal and State government to create favourable tax policies and regime for Small and Medium Enterprises (SMEs) so that startups can grow to stability.
Delivering the Keynote Address on “National Development: Unlocking the Potential of Taxation” at the 21st Annual Tax Conference of the Chartered Institute of Taxation of Nigeria (CITN) in Abuja recently, he decried that “An average business owner in Nigeria plays the role of a local government; providing his own electricity, borehole & waste disposal. Govt. can make it easier by creating favourable tax policies for SMEs”.
Giving further details in his Verified account, @TonyOElumelu, the founder of Tony Elumelu Foundation (TEF) queried that “”Imagine you had the opportunity of a lifetime to change the tax policy in Nigeria to support more entrepreneurs and SMEs, what one specific recommendation will you give?”
Tweeting further, Elumelu revealed that “The average amount of taxes businesses pay in Nigeria is 48, compared to 33 in other Sub-Saharan countries. In Hong Kong, it’s just 3,” noting that “Nigeria has 14 taxation treaties while a country like South Africa has 79 double taxation treaties #TOEWay #TOETaxReform”
He added that the “Conference sharing practical steps for Tax reform to catalyse growth. #TOETaxReform”.
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