Mr Aliko Dangote, the Chairman, Dangote Groups, on Thursday urged government at all levels to reduce the multiple taxes placed on small and medium scale businesses.
Dangote said in a statement in Lagos that the small and medium enterprises would perform better if given tax holidays or seasonal exceptions.
“With the way the economy is going now, we are in a time when the government should loosen some of its tight regulations so that businesses can grow.
“Small and medium enterprises are at the risk of taxes from Local, State and Federal Governments, and other regular taxes that agencies demand from them.
“This is not to say that taxes are not part of running a business.
“Of course, business owners should pay taxes, but the channels should not be too much in such a way that will discourage them.
“We also urge government to look into the area of concessions for businesses at this time, in order to boost their capacities,” Dangote said.
He, however, urged the upcoming businesses not to spend all their profits and avoid over projection.
Dangote said that one of the greatest challenges with Nigerian-owned businesses was that they spent their profits too early.
He urged entrepreneurs to run their businesses with bankable proposals in mind to attract investors. (NAN)
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