Oyo state government has assured all stakeholders within the state that the prevailing administration is not going to build up tax on small and medium scale enterprises (SMEs) in its power to bounce up its revenue base. The Chairman, Oyo State Board of Internal Revenue (BIR), Aremo John Adeleke gave the peace of mind in a commentary issued and signed via the Permanent Secretary, Ministry of Information, Culture and Tourism, Dr Bashir Olanrewaju on Sunday.
According to Adeleke, within the stead of build up tax, the state would rather glance into areas that weren't captured in its tax internet to enhance the internally generated income.
He added that, the plans of Governor Seyi Makinde’s executive is to build and nurture the growth of SMEs within the state and not to burden them with heavy tax that would drive them into chapter 11.
“It is in line with the promise of Governor Seyi Makinde to empower small scale businesses within the state to propel growth in our financial system.
“As he works assiduously to attract foreign and domestic investments to the state, he's also running to determine and maintain small and medium scale industries in Oyo State. So the speculation of tax increment on businesses isn't even to be discussed here. We will reasonably nurture them to develop and be self-sustaining than to over-burden them with tax.
“The government nonetheless expects all SMEs to comply with all extant tax laws, especially the ones on personal assessment of business proprietors, withholding tax and VAT payable to the state”, Olanrewaju quoted the state revenue boss pronouncing.
Adeleke then again, enjoined industrial automobile homeowners and drivers in addition to bike riders and house owners to assemble important paperwork from approved agencies and tax stations below state inside income services and products instead of doing the same in neighboring states. He mentioned “We assure everyone of quick turnaround time of registering or renewing vehicle documents. We also promise all our patrons quick availability of number plates for all categories of vehicles.” Adeleke additionally throughout the commentary referred to as on staffers of the board of internal income to be fast, responsive and work with utmost integrity and professionalism which he stated used to be the easiest way to make stronger the present management in its drive for improved internally-generated revenue.
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