NIGERIA: TAX RELIEF FOR 40 MILLION SMALL BUSINESSES
CEO Hails Proposed Reforms
The CEO of tappi, a digital commerce firm, applauds plans to simplify Nigeria’s tax system. These reforms aim to benefit 40 million micro, small and medium-sized enterprises (MSMEs).
Digital Commerce CEO Praises Plan to Simplify System
- Relief for Informal Sector: Proposed reforms aim to exempt 95% of the informal sector, estimated at 40 million micro, small and medium-sized enterprises (MSMEs), from many taxes.
- Streamlined System: The Presidential Committee plans to reduce the number of taxes and levies businesses pay by over 87%.
- Balancing Revenue: While simplifying the system, the government aims to maintain revenue streams by retaining key taxes and potentially raising VAT on non-essential items.
- Supporting MSMEs: Kenfield Griffith, CEO of tappi, a digital commerce platform, applauds the reforms, highlighting their potential to create a more enabling environment for small businesses.
- Empowering Growth: Griffith emphasizes the critical role of MSMEs in Nigeria’s economy and the importance of government policies that support their growth.
Overall, the proposed tax reforms aim to simplify the system, reduce the burden on informal businesses, and ultimately create a more favorable environment for Nigeria’s thriving small business sector.
