Enterprise Television- FIRS, SMEDAN to Increase Voluntary Tax Compliance
The Federal Inland Revenue Service(FIRS), the Joint Tax Board(JTB) and the Small and Medium Enterprises Development Agency of Nigeria have entered into a partnership to improve the level of voluntary tax compliance by operators in the Micro, Small and Medium Enterprises sector in the country.
This is also part of the strategy aimed at improving the country’s tax to Gross Domestic Product ratio, which at six per cent is currently one of the lowest in the world record.
Executive Chairman, FIRS and Chairman, JTB, Mr. Babatunde Fowler, 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.
Fowler, however, said that the FIRS had taken various steps to support the MSMEs such as supporting the revision of the National Tax Policy to reflect the realities of the economy.
He also stated that the FIRS had made tax payment easier as taxpayers could now pay their taxes online or at the FIRS offices closer to them.
The Chief Executive Officer, SMEDAN, Umaru Radda, also said the agency was working to ensure that the MSMEs would continue to be an effective tool for job creation, poverty reduction and economic growth.
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