{"id":32650,"date":"2021-08-16T19:32:03","date_gmt":"2021-08-16T18:32:03","guid":{"rendered":"https:\/\/thefreezonechannel.com\/?p=32650"},"modified":"2021-10-07T00:43:35","modified_gmt":"2021-10-07T00:43:35","slug":"acci-seeks-tax-harmonisation-for-small-medium-firms","status":"publish","type":"post","link":"https:\/\/thefreezonechannel.com\/old\/acci-seeks-tax-harmonisation-for-small-medium-firms\/","title":{"rendered":"ACCI seeks tax harmonisation for small, medium firms"},"content":{"rendered":"<p>The Abuja Chamber of Commerce and Industry (ACCI) has recommended that its proposed tax harmonisation legislation for Small and Medium Enterprises (SMEs) should be preceded by a Presidential Executive Order for compliance.<br \/>\nDr Al-Mujtaba Abubakar, President of ACCI, gave this recommendation on Monday in Abuja at its First Abuja SMEs conference and exhibition 2021.<br \/>\nThe conference has its theme as \u201cSolution Strategies for Resolving Tax, Regulatory Packaging and Logistics Challenges Facing SMEs in Nigeria\u2019\u2019.<br \/>\nAbubakar recalled that as one of the foremost advocates for business in Nigeria, particularly in the SMEs space, ACCI had written to President Muhammadu Buhari on SMEs operator\u2019s greatest hindrance.<br \/>\nHe said the chamber proposed a legislation to harmonise taxation for SMEs, adding that its detailed submission also sought a Presidential Executive Order, collating current incentives for SMEs and issuing directive for due compliance.<br \/>\n\u201cI want to re-emphasis and strongly recommend that tax harmonisation legislation should be preceded by a Presidential Executive Order. This will enforce compliance with pro-SMEs initiatives and interventions of the government,\u2019\u2019 he said.<br \/>\nHe said the goal for the conference was to match problems with solutions alongside developing an implementation plan, adding that ACCI and her partners conceived the maiden event to solve repeated challenges facing Nigerian SMEs.<br \/>\nAbubakar, while commending the Federal Government for introducing many initiatives and interventions to develop the sector, particularly thanked Vice President Yemi Osinbajo for his passion to grow the SMEs sector.<br \/>\nAccording to the president, at a webinar hosted by ACCI recently, many operational challenges facing SMEs were diagnosed while speakers from all walks of life proffered several solutions.<br \/>\nHe reiterated that there were no shortage of analysis and reviews on problems facing SMEs, adding that what was missing was the creation and implementation of solutions by stakeholders.<br \/>\n\u201cMy expectation is that the outcome of the implementation plan would be reviewed at the second summit billed to hold in August 16, 2022 while expected outcome will allow for peer review for sector\u2019s improvement,\u2019\u2019 he noted.<br \/>\nOtunba Dele Oye, Deputy Treasurer, Africa Chambers of Commerce and Industry (FEWACCI) expressed displeasure that Nigerian SMEs contributed 50 per cent GDP and accounted for 80 per cent of employment yet faced with daunting challenges.<br \/>\nOye, also the First Vice President, National Association of Chamber of Commerce, Industry, Mines and Agriculture (NACCIMA) said these challenges namely, tax issues, lack of access to finance and infrastructure, among others were aggravated by COVID-19 pandemic.<br \/>\nHe advised that as African Continental Free Trade Area gained more popularity, SMEs in Nigeria and ECOWAS States should be equipped with adequate tools and knowledge of their roles in continental integration.<br \/>\nHe said FEWACCI worked with ECOWAS, National Chambers of Commerce, regional and continental institutions to organise programmes and initiatives to promote ease of doing business and capacities to trade and invest across borders.<br \/>\nIn a remark, Chief John Udeagbala, NACCIMA President underscored the need for government at all levels to pay attention to the SMEs\u2019 needs to fully harness their potentials as veritable vehicles of inclusive economic growth.<br \/>\nUdeagbala urged the government to restrict massive importation of foreign goods, especially those goods that the SMEs could produce locally in order to protect them against competition with foreign firms.<br \/>\n\u201cNACCIMA will through its Micro, Small and Medium Enterprises (MSMEs) Trade Group continue to work closely with all stakeholders to ensure promotion of MSMEs to significantly improve their contribution to sustainable economic growth and development,\u2019\u2019 he said.<\/p>\n<!--themify_builder_content-->\n<div id=\"themify_builder_content-32650\" data-postid=\"32650\" class=\"themify_builder_content themify_builder_content-32650 themify_builder tf_clear\">\n    <\/div>\n<!--\/themify_builder_content-->\n","protected":false},"excerpt":{"rendered":"<p>The Abuja Chamber of Commerce and Industry (ACCI) has recommended that its proposed tax harmonisation legislation for Small and Medium Enterprises (SMEs) should be preceded by a Presidential Executive Order for compliance. Dr Al-Mujtaba Abubakar, President of ACCI, gave this recommendation on Monday in Abuja at its First Abuja SMEs conference and exhibition 2021. The [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1137,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[125,126],"tags":[58],"class_list":["post-32650","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-money","category-trade-and-industry","tag-tax","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>ACCI seeks tax harmonisation for small, medium firms - The Freezone Channel<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thefreezonechannel.com\/old\/acci-seeks-tax-harmonisation-for-small-medium-firms\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ACCI seeks tax harmonisation for small, medium firms - The Freezone Channel\" \/>\n<meta property=\"og:description\" content=\"The Abuja Chamber of Commerce and Industry (ACCI) has recommended that its proposed tax harmonisation legislation for Small and Medium Enterprises (SMEs) should be preceded by a Presidential Executive Order for compliance. 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