We will not raise taxes for SMES to increase IGR – Oyo Govt
Oyo State government says it will not increase taxes on small- and medium- scale enterprises (SMES) in its drive to soar up revenue base.
John Adeleke, chairman, Oyo State Board of Internal Revenue (BIR), said the state would rather look into areas not captured in the tax net to improve the Internally Generated Revenue(igr).
Adeleke said the plans of Governor Seyi Makinde’s government is to build and nurture the growth of SMES in the state and not to burden them with heavy taxes that could drive them out of business.
“It is in line with the promise of Governor Seyi Makinde to empower small scale businesses in the state to propel growth in our economy,” he said.
“As he works assiduously to attract foreign and domestic investments to the state, he is also working to establish and sustain small and medium scale industries in
Oyo State. So, the idea of tax increment on businesses is not even discussed here. We will rather nurture them to grow and be self-sustaining than to over-burden them with tax,” he stated.
“The government nonetheless expects all SMES to comply with all extant tax laws, especially the ones on personal assessment of business proprietors, withholding tax and VAT payable to the State.”
Adeleke enjoined commercial vehicle owners and drivers as well as motorcycle riders and owners to collect necessary documents from approved agencies and tax stations under Oyo State Internal Revenue Services instead of doing same in neighbouring states.
“We assure everyone of quick turnaround time of registering or renewing vehicle documents. We also promise all our patrons quick availability of number plates for all categories of vehicles,” he said.
Adeleke used the occasion to call on staffers of the board of internal revenue to be quick, responsive and work with utmost integrity and professionalism which he said was the best way to support the present administration in its drive for improved internally-generated revenue.