The Director General of Lagos Chamber of Commerce and Industry (LCCI), Mr. Yusuf Muda, on Tuesday said that Unlawful extortion, exorbitant charges, intimidation and other unconstitutional levies affect Medium and small scale businesses, (MSMEs) owners in Nigeria.
He disclosed this in an Economic conference hosted by Vanguard Newspaper in Lagos with the theme, “The Impact of Technology Adoption for MSMEs In A Changing Tax Policy And Regulatory Environment”. In his words, “Many businesses are over taxed, we have people who make billions of Naira and do not have offices. What is government doing about them? He quizzed. He went further by saying “Insufficient information available to tax payers on tax compliance requirement remains a big factor fighting against the growth of MSMEs, thus creating uncertainty and non-compliance.”
Speaking on how to address taxation issues, Yusuf advocated for a modern and friendly structure for MSMEs to tackle tax matter. Businesses are tax overloaded and we need to restore it.” Listing issues surrounding tax, he said that NAFDAC, SON, Customs and other government owned organisations should consider business owners and bill a levy that will be easy to pay. Speaking further, he said that FIRS are more concerned in generating revenue for the government without considering the emotion and how the tax payers feel.
Source: Vanguard