SMEDAN, presidential committee collaborate on MSMEs-friendly tax reforms

Small and Medium Enterprises Development Agency of Nigeria and the Presidential Committee on Fiscal Policy and Tax Reforms have aligned on micro, small, and medium-friendly tax reforms.

Chairman of the presidential committee, Taiwo Oyedele, said this in a statement on Thursday. Mr Oyedele, during a town hall meeting, said the reforms aimed to ease compliance, protect vulnerable businesses, and support small business growth in the country.

“The philosophy of the reforms is to tax the fruit, not the seed. The nano businesses and low-income earners will be shielded from burdensome tax obligations.

“We are building a system where the vulnerable are protected, and the small business owner is treated as a partner in progress, not a target,” he said.

Mr Oyedele said the reforms also sought to eliminate multiple and nuisance taxes, simplify tax codes, and improve price stability by removing hidden taxes on essential goods and logistics.

He added that many MSMEs were unaware of existing tax incentives, holidays, and rebates, noting that the committee was working to improve awareness and access.
The director-general of SMEDAN, Charles Odii, said the town hall created a platform for direct engagement between policymakers and entrepreneurs.

“The presence of the presidential committee here ensures that our entrepreneurs are not just hearing about laws; they are participating in a movement that prioritises their survival and growth,” Mr Odii said.

He reaffirmed SMEDAN’s role as the apex agency for MSME development, pledging continued advocacy and similar engagements across the country to support nano, micro, and small enterprises.

According to Mr Odii, plans are also underway to strengthen MSME Councils in all states to ensure small business owners are protected and supported.

The event featured an interactive question-and-answer session, during which business owners shared concerns and expectations on tax administration and the ease of doing business.

It brought together policymakers, tax experts,, and micro-, small-, and medium-sized enterprise operators.
(NAN)