FG sets to Reduce Taxes for SMEs

– The federal government plans to reduce taxes for small and medium-sized companies – This is in order to create more jobs for Nigeria’s distressed economy – The plan is being fine-tuned by the ministry of finance ministry  The federal government is planning to reduce taxes for small and medium-sized companies in order for them to cope with the economic recession currently ravaging Nigeria. Share on Facebook Share on Twitter Small business owners will be glad to hear this news “The federal government is set to reduce the income tax rates payable by Small, Micro and Medium Enterprises (SMMEs) in the country to encourage more start-ups in Small, Micro and Medium Enterprises, boost the profitability of the existing ones, generate new jobs and make higher contribution to the Gross Domestic Product (GDP),” the ministry of finance said in a statement yesterday, September 29. Figures released by the National Bureau of Statistics (NBS) on Wednesday, August 31, showed that Nigeria had officially gone into recession. The NBS figures showed that in the Gross Domestic Product (GDP) for the second quarter of 2016, Nigeria’s economy contracted by 2.06 percent. The country’s economy shrank by 0.36 percent to hit its lowest point in 25 years. The second quarter report makes Nigeria’s economy the worst in three decades.
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