Executive Chairman, Federal Inland Revenue Service (FIRS) on Wednesday met with over 100 officials of traders’ associations and unions as part of his ongoing public enlightenment tour of the South West to sensitize taxpayers and collecting agents on the provisions of the 2019 Finance Act.
At the well-attended interactive session held at the FIRS Complex on Agidingbi Road, Ikeja, Mr. Nami informed the audience that the event was a prelude to his personal visits to major markets in Lagos and other parts of the country in order to educate traders and marketers on the benefits of the Finance Act 2019 to them and their businesses, especially as registered Small and Micro Enterprises (SMES).
Mr. Nami listed these benefits to include exemption from paying value added tax (VAT), the reduction of the Company Income Tax (CIT) from 30% to 20%, among others. He then urged the business owners to register their businesses officially, rather than operating informally, in order to access these benefits from the Act.
He enjoined the traders to separate their personal finances from their business capital in order not to lose their working capital to state tax bodies, stressing that doing so would help their businesses to grow as they pay less tax.