Expert Urges FG To Improve On Tax Rebate

A tax expert, Mr Kareem Tajudeen, wants the Federal Government to improve on every tax exemption or rebate policy it had formulated to assist indigenous entrepreneurs to boost their income.

Tajudeen, a partner in T.A & Co., a tax consultancy firm, said in Lagos that more tax holidays for indigenous businessmen would be a positive clause.

“The Federal Government should extend its tax exemption programmes to many other sectors besides agro-allied businesses and on importation of mining equipment,” he said.

“Government must aim to encourage more investments in other industries and by implication, boost our economy.”

Tajudeen said it was akin to boosting foreign direct investment in the country to extend tax rebates to foreign investors as an incentive to diversify the local economy.

He said: “Tax exemptions are a good source of motivation: it has a way of accelerating national development.

“Unfortunately, most Nigerian businessmen do not make use of tax professionals to explore business avenues where such exemptions can be optimised to triple their net earnings.

“Only a foolish businessman will not see value in engaging the services of tax professionals to advice them.

“It may add to overall running cost, but it is better than taking a decision that will be detrimental to the business profitability in the end.”