The recent increment in Value Added Tax from five to 7.5 per cent will not affect the Small and Medium Enterprises, the President of Kwara Chamber of Commerce, Industry, Mines and Agriculture, Dr Ahmed Raji, has said. Speaking on the sidelines of a two-day conference to facilitate women and youth participation in entrepreneurship, commerce and governance, Raji said that the VAT increment would not have effect on the SMEs as the government had made necessary provisions to cushion its effects. Raji said, “I can say that the recent increment in VAT by the Federal government will not have effect on our members because the government had cushioned the effect of the increment by exempting Small and Medium Enterprises from the new law and for this reason, I can say that the tax increment has no effect on us.”Answering questions on border closure, Raji said that the policy was a welcome development to KWACCIMA as it had boosted women and youth entrepreneurship and had prevented Nigeria from remaining a dumping ground of goods from other countries.

Source: Punch February 02, 2020 23:03 UTC