Kwara plans 5-year tax relief for small businesses

KWARA State government is set to commence a five-year tax relief regime for small business owners in the state. This follows a directive given by Governor Abdulfatah Ahmed to the State’s revenue service to put in motion the tax relief regime as part of the government’s effort to boost entrepreneurship and eradicate poverty in the State.

A statement released by Wahab Oba, Chief Press Secretary to the Governor, quoted the governor as saying the five-year tax relief regime is aimed at facilitating economic growth and development of the State, at a lecture to mark the 50th anniversary of the State in Ilorin.

Ahmed directed Chairman of the State Internal Revenue Service to coordinate the process of the tax holiday, the statement said.

He said State has not introduced fresh taxes but only succeeded in blocking leakages in the system through effective management of the collection processes, adding that “our business is not to kill your business but to grow your business.”

The guest speaker at the occasion and former Deputy Governor, Central Bank of Nigeria, CBN, Dr. 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,’ Alade noted that 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.

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 (MSMEs) if the State must open up for economic growth and development. He noted 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 added.

 

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