Leading banking wizkid, enterprise builder and Chairman of Heirs Holdings, Mr. Tony Elumelu has picked holes on ongoing restructuring of government regulations and taxation around private businesses in Nigeria, saying efforts should be made to avoid reforms capable of stifling struggling startups and old businesses.
Speaking at the Lagos Business School Alumni Association 2017 Conference on the theme: ‘The Effects of Multiple Government Regulations and Taxation on Business Growth in Nigeria,” the chairman of United Bank for Africa (UBA) harped on the need for government to embark on radical approach that would shape behaviours of entrepreneurs and business owners towards payment of taxes in a more obligatory manner than hostile postures.
In his submissions, he averred that “Multiple regulations hinder business growth; and we need to regulate our tax laws and practices in a manner that would create enabling environments for businesses, particularly start-ups and SMEs to thrive in the economy. If taxes are well regulated for businesses, there would be increase in government revenue, more businesses would grow, thereby helping to curb unemployment and improving the economy significantly.”
According to him, time has come for a comprehensive reorientation exercise across all tax agencies that would ensure that officers have the right values required for the job and that due process is followed at all times in government regulations for businesses.
Business Hilights recalls that only recently, the leadership of International Finance Corporation (IFC) and Country Head in Nigeria, linked complex laws and frivolous terms and conditions as key factors militating against the ability of Small and Medium Enterprises (SMEs) to access capital for business development in Africa and Nigeria in particular.
