MSMEs are critical to the development of any nation due to their numerous contributions to the economy. MSMEs are perceived to be the engine of growth and catalyst for socio-economic transformation of any country because of their significant contribution to the advancement of new product development and processes, and employment generation. In...
Micro-, small and medium-sized enterprises (MSMEs) are the driving force for economic activity and innovation. They contribute to growth through job creation, investments, exports and taxation. In Nigeria the economy is largely dominated by MSMEs, with an estimated 96% of all businesses falling in this category. MSMEs account for 84% of the...
The recent global economic recession and diminished oil prices have burdened the government with the desire to raise revenue from tax without stunting economic growth. There is a need to capture the sources by which the government could widen its tax net and increase revenue generation without overburdening the taxpayer. Outlined below are...
While the tax burden in Nigeria is fairly in line with regional levels, the country is consistently rated lower than similar economies in areas like number of tax payments and time needed to comply. The “Paying Taxes” 2014 report, a joint study of tax regimes in 189 economies by PwC and the World Bank, finds that on average globally a medium-sized company has a total tax...
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