Agency Decries Multiple Taxation

The Director- General of Small and Medlum Enterprises Development Agency of Nigerian (SMEDAN),Mr. Muhammad Nadada Umar, has decried the effect of multiple taxation on most small and Medium Enterprises (SMEs) in Nigeria.

Umar, who said that most SMEs are at the urge of folding up due to multiple taxation from different angles, said that the enterprises   suffer the multiple taxes in addition  to poor access  to funds for thir business.

According to the SMEDAN Director General,  the  SMEs also face lack of rural infrastructure, poor access to business information, as well as low synergy  amongst the three tiers of government.

Umar, who was represented by the organisation’s Director of  Planning, Mr. Wale Fashe, at the Alternative Securities  Market (ASeM), programme, reiterated the need for government to improve infrastructure in the country.

Fashe  also called for easy access  to long-term  finance to strengthen the growth of indigenous companies in the country, adding, the need for collaboration between SMEDAN, the capital market and money market, which he said would create effective viable  Asem.

In a related development, the Manager of City Crown Hotel in Port Harcourt  Haracourt, Mr. Abu Adullahi, reiterated the need for Rivers State Government to look into the issue of multiple taxation to businesses in the state.

Abullahi decried the effect of  the multiple taxes and levies from different quarters, saying that these  would scare away investors from the state.

He also called on the constituted  financial  authorities  to ensure that  businesses are not taxed without assessment of the income and the financial base of the company, adding that this has liquidated many companies and this is not  in the best interest of the state that works hard to attract investors”.