- Odii emphasised the importance of basing debates on accurate facts and proposals contained in the bills.
The Nigerian government has assured small businesses of exemption from taxes by raising the tax exemption threshold for SMEs from N25 million to N50 million in annual turnover.
The Tinubu administration has launched a nationwide engagement exercise via SMEDAN to discuss the proposed tax reform bills’ implications and opportunities with SMEs.
The government aims to provide clarity, dispel misconceptions, and foster understanding among stakeholders, including local administrators, through this engagement.
Charles Odii, SMEDAN’s Director General, stressed the importance of basing debates on accurate facts and proposals.
He said: “We want SMEs to fully understand the implications of these bills and be adequately represented in the ongoing legislative process.
“Our priority is for SMEs to reap the full benefits, which will ultimately boost the economy, given that they are the engine of growth.
“Proposals such as the consolidation of taxes, elimination of nuisance levies, expansion of exemptions, and zero VAT on exports and essential goods reflect the true wishes of SMEs as identified during previous engagements and surveys.”
Odii emphasized understanding enforcement mechanisms: “SMEs need to understand what enforcement would look like if the bills are passed, so they are not denied the benefits intended for them.
“With over 90% of businesses and more than 80% of employment dependent on SMEs, eliminating arbitrary taxes is crucial.
The SMEDAN DG noted engagement sessions would dispel misinformation.