Fowler says SME’S with N25M Turnover wont Pay taxes

First inland revenue service(FIRS) DG, Babatunde Fowler has owned up that the new finance bill at the National Assembly could be damaging but said that his establishment is organizing it in such a way that it wont be dangerous for businesses.

He boasted that no one can close any business in Nigeria without first going via courts and that any state or local government that closes any business without legal directive would be punished by the FG.

He stated this at the Nigerian Stock Exchange (NSE) CEO, Oscar Onyema’s Interactive session for consumer goods sector over the weekend at the civic centre, V.I. Lagos, saying that ordinarily Dangote Group and MTN Nigeria should be the poster “boys” that should be advertising Nigerian Industry Globally .

According to him if any one chose your business just call my office. He went on to say the SME’S wiith a turn over of N25 million and better are not liable to pay taxes to FIRS.

The CEO of Chapel Hill Denlem and Chairman of larfarge Africa, Bolaji Balogun has said
the N500billion fine on MTN Nigeria and the company’s continued harassment at the National Assembly and the media gives impression that FG is anti – foreign investment.

Balogun stressed that its not late for FG to repent because Nigeria needs foreign and private capital to develop.

Nigerian Breweries (NB) plc , Jordi Borrut Bel, Baker Magunda, CEO Guinness Nigerian and Ade adefeko, Vice president, Corporate & Govt Relations, Olams Nigeria backed him up on the need of private sector investor to enhance Nigerian situation infrastructure wise. They also pointed out on the need for clear cut incentives and support of private sector companies in order to encouraged them to contribute more.

Their idea being that govt should help the companies to succed and should not over bother them with taxes, hinting that a situation where Nigeria is leading as number one in poverty with about 54% of its population living under poverty that its not a good narative that receipts from taxes are on the increase.

This they say could be indication that more companies are actually dieing or will die or that over taxation is taking place.

According to him if any one chose your business just call my office. He went on to say the SME’S will a turn over of N25 million and better are not liable to pay tax to FIRS.