By Modupe Gbadeyanka
Africa’s richest man, Mr Aliko Dangote, has emphasised that for small and medium-sized enterprises in the country to survive, the present tax policy concerning the sector must be reviewed to favour them.
Mr Dangote, who is the Chairman of Dangote Groups, said the sector should be considered for tax holidays.
He explained that during the tax exemption period, they would be able to grow the business to survive.
He pointed out that the multiple taxes placed on SMEs in Nigeria were threatening their survival.
“With the way the economy is going now, we are in a time when the government should loosen some of its tight regulations so that businesses can grow.
“Small and medium enterprises are at the risk of taxes from Local, State and Federal Governments, and other regular taxes that agencies demand from them.
“This is not to say that taxes are not part of running a business.
“Of course, business owners should pay taxes, but the channels should not be too much in such a way that will discourage them,” Mr Dangote said in Lagos on Thursday in a statement.
However, he advised business owners not to spend all their profits and avoid over projection, pointing out that this was the greatest challenges with Nigerian-owned businesses.
Mr Dangote also appealed to government at all levels to “look into the area of concessions for businesses at this time, in order to boost their capacities.”
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