Industrialists Advocate Tax Holiday For New, Small Businesses

T

he Nigerian Association
of Small Scale Industrialists (NASSI) in Enugu State has called for tax holiday for new and small businesses in the state.?

The Chairman of the association, Mr Benjamin Njoku, told newsmen in Enugu that a tax-free venture for new and small businesses would ensure growth in the economy of the state.?

“We are advocating tax holiday for young and small businesses. They are starting new; allow them to operate for say three years to five years tax free so that they can stabilise.?

“By the time they stabilise, they will be on the ground and they can pay tax but not so many taxes.?

“Let there be one-stop shop for taxation in Enugu State so that when you go in, you pay consolidated tax and then you cover everything not the local government, ESWAMA, environment, and road safety all making you to pay multiple taxes.”

?Njoku identified some of the challenges impeding the growth of small businesses in the state as multiple taxation, lack of steady power supply, fuel scarcity, and inadequate support from both state and local governments.

?He called on the government to initiate policies to support small businesses.

?On the Bank of Industry’s (BOI) N1 billion loan to small businesses, Njoku said that more than 30 small scale enterprises had benefitted from the scheme.

?He explained that the minimum amount so far distributed to each small business in the state was N4.5 million at an interest rate of 10 per cent in three years.

?”The first and second batches of small businesses have benefitted from the BOI loan in the state,” he said.

?Njoku called on citizens involved in small businesses to join the association to be able to access the loans for the growth of their businesses.