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Nigeria set to cut taxes for small businesses – Adeosun

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Nigeria set to cut taxes for small businesses – Adeosun

Nigeria’s finance ministry has announced that the country plans to lower taxes for small and medium-sized companies to create more jobs.

As Nigeria grapples with a recession which is bound to continue with the third quarter GDP figures now being expected, the government is trying a variety of measures to resuscitate the economy.

“The federal government is set to reduce the income tax rates payable by Small, Micro and Medium Enterprises (SMMEs) in the country to encourage more start-ups in Small, Micro and Medium Enterprises, boost the profitability of the existing ones, generate new jobs and make higher contribution to the Gross Domestic Product (GDP),” the ministry said on Thursday.

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