PwC‘s Partner and Head Private Wealth Services, Emuesiri Agbeyi has enjoined small and medium scale enterprise owners to maximize the benefits posed by the federal government Financial act policy to boost their turnover.
Speaking on the topic Tax policy and SMEs in Nigeria, Outlook for 2021 on a radio program in Lagos tagged Fidelity SMEs Forum.
Emuesiri explained that Financial act came up specifically to address issues that arose from Covid-19, aiming to align fiscal policy with trade and monetary policy.
“Financial act 2020 specifically address issues that arose from Covid-19, to bring some measures to address those issues, aligned fiscal policy with trade and monetary policy.
And to also provide relief for enterprises that were gravely affected during the crisis. It measures also on prioritizing job creation and economic growth and social economic development. huge decline in revenue for government” she said
Highlighting the benefits of the new tax Policy For SMEs, Emuesiri listed reduction of tax payment from 0.5% to 0.25% of company turnover rate, exemption of low income earners below the minimum wage.
She however called on government to give incentives to SMEs to support their businesses and reduction of levy fee charged on SMEs at the local levels.