Kwara Govt. to relief small businesses on taxes
The initiative is part of the
government’s effort to encourage small business owners and eradicate poverty in
the state.
A statement released by Wahab Oba, the Chief
Press Secretary to Governor Abdulfatah Ahmed on Tuesday, quoted the governor as
saying that the five-year tax relief regime is imperative in order to allow for
economic growth and development of the state.
Mr. Ahmed, according to the statement,
gave the directive in Ilorin at a lecture to mark the 50th anniversary of the
state.
Speaking further, the governor
maintained that the state has not introduced fresh taxes but “only succeeded in
blocking leakages in the system through effective management of the collection
processes.”
The governor said, “Our business is
not to kill your business but to grow your business.”
He, therefore, directed Chairman of
the state Internal Revenue Service to coordinate the process of the tax
holiday, the statement said.
Earlier, the guest speaker and former
Deputy Governor, Central Bank of Nigeria, CBN, Sarah Alade, advised the state
government to design an economic blue print that would strategically reposition
the state for economic prosperity.
In her paper titled “Socio-Economic
Development of Kwara State: An Agenda for the future,” Ms. Alade said Kwara
State has the lowest unemployment rate in the country and should never be among
the poorest.
She, therefore, urged the government
to step up its Public Private Partnership concept, the statement said.
On his part, the Chairman of the Kwara
State Internal Revenue Service, Murtala Awodun, stressed the need for tax
holiday for micro, small and medium enterprises if the state must open up for
economic growth and development.
Mr. Awodun explained that report has
it that more than 70 per cent of small businesses die within the first five
years of their existence.
“He therefore, called for tax waivers
of five years for small businesses with a view to creating economic prosperity
in the state,” the statement said.
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