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FG Introduces Tax Incentives for MSMEs

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FG Introduces Tax Incentives for MSMEs

byBilkisu Kasim
September 30, 2024
in Business
1

The Federal Government has reaffirmed its dedication to bolstering micro, small, and medium enterprises (MSMEs) through tax relief measures aimed at promoting their growth and sustainability.

 

This commitment was made known by Zacch Adedeji, the Executive Chairman of the Federal Inland Revenue Service (FIRS), who was represented by his special adviser, Collins Omokaro, during the first-ever MSME Finance Awards. The event was organized by The Economic Forum Series in collaboration with Nairametrics and DigiComm Enterprise.

 

In his address, the FIRS chairman highlighted the government’s efforts to create a supportive environment for MSMEs by offering tax breaks and exemptions.

 

“The Federal Government, through the FIRS, has introduced measures to alleviate the financial pressures faced by MSMEs. Under the Company Income Tax Act, small businesses are exempt from paying company income tax, and they are also not required to collect value-added tax,” Adedeji said.

 

He went on to emphasize that the government’s tax initiatives are designed to make tax compliance easier for MSMEs, thereby encouraging more businesses to enter the formal economy and benefit from available tax incentives. He further disclosed that FIRS is considering raising the threshold for tax exemptions, which would extend these benefits to more small businesses.

 

The MSME Finance Awards, which highlighted excellence in MSME financing, reinforced the pivotal role MSMEs play in Nigeria’s economic development.

 

During the event, Ugochukwu Obi-Chukwu, CEO of Nairametrics, remarked, “MSMEs are the backbone of Nigeria’s economy, providing employment for over 80% of the workforce and driving innovation across multiple industries. It is vital that we continue to support them through effective policies, incentives, and partnerships between the public and private sectors.”

 

Several organizations were honored for their contributions to the MSME space during the award ceremony. Access Bank took home the title of MSME Bank of the Year for its tailored financial services for small businesses.

 

Moniepoint received the MSME Microfinance Bank of the Year award for its groundbreaking solutions in the microfinance sector. E-Tranzact was recognized for its leadership in payment security, data protection, and fraud prevention, while Mastercard was honored for its efforts in expanding financial inclusion for MSMEs.

 

Jude Ndu, CEO of The Economic Forum Series, stressed the critical role MSMEs play in the economy and highlighted the importance of strategic partnerships to provide these businesses with the financial backing, mentorship, and skills development they need to thrive.

 

In his remarks, Temitola Adekunle-Johnson, the Senior Special Assistant to the President on job creation and MSMEs, noted that small businesses are increasingly leveraging digital platforms like WhatsApp, Instagram, and YouTube to grow their audience and increase revenue streams.

Bilkisu Kasim

Bilkisu Kasim

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Comments 1

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    They also hit all of the rotator cuff muscular tissues, including the infraspinatus,
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    The incline dumbbell entrance elevate is performed face-down on an incline bench.

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    The gold commonplace of shoulder exercises slams
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    It can be carried out from a selection of postures, together with standing, tall
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    Half kneeling excessive cable row rope is an amazing train that successfully works many muscle tissue, including the shoulder,
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    The Reverse Cable Crossover lets you strengthen and tone the
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    Rather than the acromion being clean, small outgrowths of bone
    stick out and rub on the rotator cuff tendons,
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    If your pain is elsewhere, we may help you’re employed out what’s wrong within the
    shoulder ache prognosis part. Shoulder impingement syndrome is a standard reason for left arm ache and
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    As A End Result Of it targets such small muscular tissues, this exercise is normally performed
    with light-weight for top reps, similar to reps per set
    or extra. Many variations of the dumbbell lateral elevate challenge your muscular tissues even more and help construct strength and definition.
    This list has over 20 exercises that are specifically designed to construct shoulder muscle tissue.
    You will find transient descriptions and illustrations
    for every exercise. Dumbbells are an efficient and dynamic way to target your shoulder muscle tissue.

    The exercise primarily targets the shoulders, chest, and triceps muscular tissues.
    The landmine press is the best different to the 
    overhead press which is slightly easier on the joints without compromising the
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    However, keep in mind, your shoulders will all the time be weak if you don’t train them.
    Before we go any further, let’s review the shoulder muscle anatomy and its capabilities.
    The shoulder muscle tissue are technically known as the deltoids, and
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    It’s a flexible move you can carry out with a cable or resistance band.

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