The Abuja Chamber of Commerce and Industry (ACCI) has lauded the effort of the Federal Capital Territory Administration (FCTA) towards the harmonization of overlapping regulations within the various secretariats, departments, and agencies (SDAs) that were disturbing the ease of doing business in FCT.
The resolution of tax harmonization which has been one of the major setback for the business community in the Federal Capital Territory was revealed by the Minister, Ministry of Federal Capital Territory (FCT), Mall. Muhammad Bello, at the opening of a two-day retreat on the “Harmonization of Revenue and Promotion of Ease of Doing Business in the nation’s capital,” organized by the FCTA in collaboration with the FCT Internal Revenue Service, held in Ondo state, in a bid to support the formation and expansion of Small and Medium-sized Enterprises (SMEs) in the country’s capital.
It could be recalled that ACCI and some major stakeholders in the SME sector have unanimously advocated for harmonisation of SME taxation in FCT.
In 2021 and 2022, ACCI through its Policy Advocacy Centre held SME conference and a round table session, where issues of tax administration, sustenance, compliance, and harmonisation with FIRS, FCTA, AMAC, HOFA, businesses owners and other relevant stakeholders within the FCT called to ascertain smooth business processes and productivity at a time when businesses in the country are under serious operational challenges due to the high cost of raw materials, epileptic power supply, and high cost of logistics.
The Chamber once wrote a letter to President Muhammadu Buhari and other relevant authorities calling for harmonisation of taxes for SMEs after realizing that this is the best way to stop the high rate of business failure, create jobs and boost the GDP.
The President of ACCI, Dr. Al-Mujtaba Abubakar appreciated the Minister and the FCTA for giving appropriate response to interventions that are beneficial to the business communities for national growth.
“This is the best way to stop the high rate of business failure, create jobs and boost the GDP. This is the way to go as over 90 per cent of Nigerian businesses are SMEs and as a Chamber of Commerce, we sincerely commend the FCTA for considering to take this step for the growth and development of the SMEs in FCT,” the President stated.
He further seeks cooperation and synergy between Government Agencies and Business Communities when the call arises.
Signed
Dr Al-Mujtaba Abubakar (FCA, MFR)
President ACCI
