Vice President Yemi Osinbajo says small businesses with less than N20 million turnover should not pay tax.

He said there was a need for micro, small and medium enterprises (MSMEs) to leverage technology to improve their performances.

Mr Osinbajo explained, “We have exempted small businesses with a turnover of less than N20 million from tax, while those with a turnover of less than N100 million now benefit from a one-third reduction in the corporate income tax rate from 30 per cent to 20 per cent.”

He stated while featuring at the National MSMEs Discourse on Thursday in Abuja, represented by the Minister of Industry, Trade and Investment, Niyi Adebayo.

The discourse is part of the National MSMEs week.

Mr Osinbajo added that he was delighted to be a part of the maiden edition of the programme organised by the National MSMEs Clinic as an integral part of the National MSMEs week.

“Indeed, in this digital age, it will be important to explore strategy by which small businesses can use technology to improve their performances,” he noted. “Just as they would be useful to identifying ways and means which they could be linked to larger companies through outsourcing or supply contracts.’’

He explained that the federal government had supported MSMEs in various ways, including the MSMEs clinics conducted through a partnership with consumer-friendly MDAs.

Mr Osinbajo pointed out that the MSMEs Week was the latest initiative in the effort to support MSMEs.

“In order to further build the profile of MSMEs and promote understanding of the sector, we decided to dedicate the whole of this week to promoting awareness about the achievements of our MSMEs and highlighting their needs,” he stated.

According to him, the MSMEs clinics were designed to support businesses.

“By so doing, we help MSMEs to have their business-related concerns addressed while they also learn firsthand about regulatory requirements,” said Mr Osinbajo. “In addition to clinics, which so far has been held in 27 states, the initiative has been extended to encourage states to establish one-stop-shop and shared facilities.’’

(NAN)

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The rate at which some state government, IRS charge their people on tax, is very alarming and outrageous.

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Federal Government provided some tax incentives to small businesses in the 2019 Finance Bill, which was signed into law by President. Some of these tax incentives include reducing corporate tax rate from 30% to 20% for MSMEs, with turnover of between N25 million and N100 million per annum, exempting micro-businesses with a turnover of less than N25 million per annum from corporate tax payment.

Also, if a company diversifies into agriculture, there would be a sort of tax relief for that comapny.

KWIRS IN KWARA STATE UNA DEY HEAR??
I WISH THE PRESIDENT IS MADE OF THIS YEMI OSINBAJO STUFF.

Go and tell FIRS and all the local governments with all their numerous multiple taxation formats

angelEmade:
KWIRS IN KWARA STATE UNA DEY HEAR??
I WISH THE PRESIDENT IS MADE OF THIS YEMI OSINBAJO STUFF.

This is awesome! At least this will encourage micro and small business owners take their stands.
Who says Osinbajo is not active?

what is this pygmy saying

This socialist done come again ...that means you are exclusively removing minimum of 95% of business in Nigeria from the tax bracket

Everyone should pay tax even if it's #5 pay it

Lottery winnings and bet winings also should be taxed

Freelance earnings , YouTube earnings and the likes needs to be taxed minimum of 30%


Show deals and entertainment industry should pay 40% tax minimum....this would raise the needed revenue

All private primary and secondary schools with school fees above 300k a year should be taxed 40%

All universities with school fees over 600k should be taxed 30%

All car owners should pay a road maintenance tax ranging from 50 k to over 2 million a year depending on if it's private , commercial , type of car etc

Everyone holidaying abroad should be charged $3000 dollars tax

Student who school abroad should be charged 40% of their total school fees before allowing them serve in nysc

Imported cloths should be taxed 100%



This is how u make money to run your government but this socialist won't agree

mrvitalis:
This socialist done come again ...that means you are exclusively removing minimum of 95% of business in Nigeria from the tax bracket

Everyone should pay tax even if it's #5 pay it

Lottery winnings and bet winings also should be taxed

Freelance earnings , YouTube earnings and the likes needs to be taxed minimum of 30%


Show deals and entertainment industry should pay 40% tax minimum....this would raise the needed revenue

All private primary and secondary schools with school fees above 300k a year should be taxed 40%

All universities with school fees over 600k should be taxed 30%

All car owners should pay a road maintenance tax ranging from 50 k to over 2 million a year depending on if it's private , commercial , type of car etc

Everyone holidaying abroad should be charged $3000 dollars tax

Student who school abroad should be charged 40% of their total school fees before allowing them serve in nysc

Imported cloths should be taxed 100%



This is how u make money to run your government but this socialist won't agree

This is the way to go...
U don't sit in ur office and enact laws and policies that won't fly.
Every businesses in Nigeria pay taxes. U pay to the state govt, the local govt people will come and give u tax receipt.. So the vp shouldnt think they r formulating good policies when in other terms the policies r not on ground.
In calabar the state govr cried on live tv that taxis, restaurant and smaller businesses should stop paying tax cos of the pandemic, less than 2weeks after the live cries, touts return to street harassing motorists and taxis to buy tickets.
Naija na cruise...

poiZon:

This is the way to go...
U don't sit in ur office and enact laws and policies that won't fly.
Every businesses in Nigeria pay taxes. U pay to the state govt, the local govt people will come and give u tax receipt.. So the vp shouldnt think they r formulating good policies when in other terms the policies r not on ground.
In calabar the state govr cried on live tv that taxis, restaurant and smaller businesses should stop paying tax cos of the pandemic, less than 2weeks after the live cries, touts return to street harassing motorists and taxis to buy tickets.
Naija na cruise...

Thats the problem using touts to collect tax

First thing should be reduced the cost of business registration to like 2000 ...and u can do it on your own or cyber cafe and print your certificate ...that's step one

Let every business register and have an identity number , with this number they can pay their tax to the bank n bank alone ...every business from akara seller to car maker ...simple.

If u make #100 no problem pay #15 tax simple ...it's small right ? But if 2 million people pay that that's 30 million Nd can build a school

Another issues am having in nigeria is giving out contracts to individuals to collect tax unbehalf of the govt.. We have firs, sirs and lirs... This is absurd.. If the manpower in these agencies aren't enough, employ more staffs to do the job than giving the contracts to firms that will make more monies for themselves and shortchange the system.
Nigeria should start thinking positively and strengthen its institutions than empowering and building strong men at the expense of the entire country

Trying to find his voice again as the jihadist don go for battery change

Just wait let the vegetable come back you would pay for this as usual since you have resulted to this cowardice tactics to distance yourself from this administration anytime he is on leave

I smile when people thinks that this migdet is innocent.

Mere commissioner.. Aka ... Minister of condolence ...aka ...minister of #10,000 sharer...aka... Supreme leader on toilet matters... Aka... The lying mid.get pastor...




What else?

[s]Vice President Yemi Osinbajo says small businesses with less than N20 million turnover should not pay tax.
He said there was a need for micro, small and medium enterprises (MSMEs) to leverage technology to improve their performances[/s].

Ordinary Kiosk attracts a levy of N600 weekly in Agbado Okeodo in Lagos, why not start his campaign from there if truly the interest of grassroots business operators is paramount

Taxation is very key if we want to move forward as a country