SMEDAN To Enlighten SMEs On Tax Reform Opportunities

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has launched a nationwide initiative to engage small and medium enterprises (SMEs) on the proposed tax reform bills. This program is designed to highlight both the benefits and potential challenges of these reforms while addressing misconceptions among business stakeholders.

Engagement Details
SMEDAN Director-General Charles Odii shared that the initiative will begin with a breakfast meeting in Lagos. This event will include representatives from business membership organizations (BMOs) and other key associations. A notable highlight will be a session led by Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee.

Key Benefits of the Reforms
The tax reform bills aim to reduce the burden on small businesses by:

Increasing the tax exemption threshold for SMEs from ₦25 million to ₦50 million in annual turnover.
Consolidating various taxes to simplify compliance.
Eliminating unnecessary levies that inflate operational costs.
Introducing zero VAT on exports and essential goods.

These reforms are expected to create a more favorable business environment, helping SMEs drive economic growth and employment.

SMEDAN’s Objectives
Odii emphasized the agency’s commitment to ensuring SMEs are well-informed about these bills and actively participate in the legislative process. He stated, “Our goal is to ensure SMEs understand these reforms, leverage the benefits, and hold authorities accountable for proper implementation.”

With SMEs accounting for over 90% of businesses in Nigeria and employing more than 80% of the workforce, these changes could significantly boost the nation’s economy.

Next Steps
Updates on the engagement sessions will be shared on SMEDAN’s official website and social media channels.

By focusing on education and dialogue, SMEDAN reinforces its mission to empower SMEs and ensure their voices are heard in shaping a business-friendly policy landscape.