FIRS Partner Relevant Agencies To Encourage Small Businesses To Pay Tax
The tax compliance drive is still on. This time, the Federal Inland Revenue Service (FIRS) is beaming its searchlight on small and medium enterprises.
That has now informed its partnership with the Joint Tax Board and the Small and Medium Enterprises Development Agency of Nigeria, SMEDAN to improve the level of voluntary tax compliance by operators in the Micro, Small and Medium Enterprises, MSME sector.
The collaboration was sealed during a meeting that attracted key players in the MSME sub-sector.
The move is also part of measures aimed at improving the country’s tax to Gross Domestic Product, GDP ratio, which at 6% is currently one of the lowest in the world.
A statement on Sunday quoted the Executive Chairman, FIRS and Chairman, JTB, Mr Babatunde Fowler, to have said the need to increase the level of tax compliance among the MSMEs became imperative as they were the engine of economic growth.
He explained that the Federal Government was supporting the MSME sector to grow, adding that this was vital in reducing unemployment and stimulating the economy.
Represented by the Director, Federal Engagement and Enlightenment Tax Teams, FIRS, Mr Kunle Oseni, Fowler said: “The MSMEs are recognised as the engine of economic growth and development in the developing economies, with the capacity to effect wealth and income distribution as well as creating jobs even in stagnant economies.
“The essence of this programme is to ensure that the process of tax payment is made less onerous".
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