The Oyo State government has expressed its determination not to increase tax on small and medium scale enterprises (SMEs) in its drive to increase its revenue base.
The Chairman, Oyo State Board of Internal Revenue (BIR) John Adeleke, who made the disclosure while speaking with journalists in Ibadan weekend, also said the government would rather look into areas that were not captured in the tax net in the state to improve internally generated revenue (IGR). Adeleke said the plans of the administration of Governor Seyi Makinde is to build and nurture the growth of SMEs in the state and not to burden them with heavy tax that could drive them out of business. According to him, “It is in line with the promise of Governor Seyi Makinde to empower small scale businesses in the state to propel growth in our economy. “As he works assiduously to attract foreign and domestic investments to the state, he is also working to establish and sustain small and medium scale industries in Oyo State. So the idea of tax increment on businesses is not even to be discussed here. We will rather nurture them to grow and be self-sustaining than to overburden them with tax. “The government nonetheless expects all SMEs to comply with all extant tax laws, especially the ones on personal assessment of business proprietors, withholding tax and VAT payable to the state.” Adeleke however enjoined commercial vehicle owners and drivers as well as motorcycle riders and owners to collect necessary documents from approved agencies and tax stations under the state internal revenue services instead of doing same in neighbouring states. “We assure everyone of quick turnaround time of registering or renewing vehicle documents. We also promise all our patrons quick availability of number plates for all categories of vehicles,” he said. Adeleke also called on members of staff of the board to be quick, responsive and work with utmost integrity and professionalism, which he said, was the best way to support the present administration in its drive for improved internally generated revenue.

Source: This days