By: Solomon Essiet
Multiple Taxation is a situation in which an individual or corporate Organization are continuously taxed in duplicate. A situation considered inimical to the growth of businesses. Most especially, the Small and Medium Scale Enterprises, or what is referred to as “One Man Business” in a popular parlance in Nigeria.
The Governor frowned seriously at multiple Taxation, while addressing the man at the helm of affairs of Akwa Ibom State Internal Revenue Services (AKIRS), during the recently concluded EXCO Ministerial Briefing/End of the Year Review, held between Tuesday 16th to Thursday 18th December, 2024, at the Banquet Hall, Government House. He recounted how frustrating it could be as a business man himself having to be taxed in multiple, and appealed to those in charge of the State’s Parastatal to see how some form of taxation could be merged together to encourage small business owners in Akwa Ibom State. The Governor is particularly concern about the fate of budding Entrepreneurs in the State, as they are the engine room of economic growth, as enumerated by the National Bureau of Statistics, regarding the strength of SMEs in Nigeria and all over the world.
Ideally, as a School Proprietor, I remember being asked to pay for certain taxes ranging from, Tenament rate, Sign post, Business Premises, Environmental pollution, Radio, Television, Sanitation, Development fee, Renewal and what have you. As a small business owner, you wonder what is left for the development of structures, payment of salaries and day to day running of the business venture.
According to the National Bureau of Statistics (NBS), SMEs contribute 48% of Nigeria’s GDP and employ over 84% of the workforce. The Nigerian Government recognized the importance of SMEs in economic development. Despite their significant contribution to the economic development, SMEs in Nigeria face several challenges ranging from Multiple Taxation, limited access to finance, inadequate infrastructure and in some cases hostile business environment.
Inadequate infrastructure, such as poor road network and inadequate power supply also militate against the growth of small and medium scale enterprises in Nigeria. It is therefore important for States in the Nigerian Federation to pay premium attention to the growth of the SMEs, in attempt to lessening their sufferings through the review of various taxation policies that undermine their successful operations.
Pastor Umo Bassey Eno, the Governor of Akwa Ibom State has continuously demonstrated the love he has for Entrepreneurial Development in various ways. The Governor has amongst other things, brought the Bank of Industry (BOI), to Akwa Ibom State and encourage them to give single-digit interest loan to small business owners. Several youth have been trained and empowered through Ibom-led, a business and development training and arm of the State Government, the State Government investment in Dakadda Skill Acquisition Centre (DASAC), is gathering momentum, as youths across the 31 Local Government Areas are undergoing training through State Government sponsorship at the Institution.
With the Governor’s intervention on the issue of Multiple Taxation in Akwa Ibom State, it is hoped that specific actions will be taken by those concern and our youth, that have taken to small businesses, having been empowered and enabled by the State Government, can have a chance of running their businesses without threat of Multiple Taxation in the State.
Solomon Essiet (ACIA)
Writing from Ikot Ekpene Local Government Area, the Raffia City.
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