MSMEs Day: Harmonise taxes to reduce cost of business, ACCI tells FG

The Abuja Chamber of Commerce and Industry (ACCI) has called on the federal government and stakeholders in business sectors to harmonise taxes and levies on Micro Small and Medium Enterprises across the country 

The president of the chamber, Dr Al-Mujtaba Abubakarade, made the call in a message to mark the 2023 World MSME Day with the theme, “Empowering MSMEs for a Sustainable Future.” 

The MSME Day celebration is geared towards promoting various business initiatives, encouraging innovation and development of new products and services, promoting regional development, and creating market opportunities in the domestic and global markets.

In a statement Tuesday, Dr Abubakar described the MSME sector as the future of any growing economy.

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“Multiple taxation, inadequate working capital, stiff competition from larger companies, difficulties in sourcing raw materials, low-capacity utilisation, lack of management strategies, poor educational background of operators and huge financial problems are among the numerous problems faced by SMEs in Nigeria,” he said.

To solve these problems, Dr Abubakar suggested the harmonisation of taxes, streamlining of revenue agencies and synergy among the three tiers of government.