Dr. Femi Egbesola, National President of the Association of Small Business owners of Nigeria, said in his reaction that at the moment, Nigerians are on one hand struggling with decreasing income and on the other hand, increasing taxes.
“While companies pay taxes out of their profits, common men pay out of compulsion.
An average Nigerian has apathy toward tax payments because our leaders have shown little or nothing to justify taxes collected from past decades.
Financial Bill- Ill-Timed
“For us in small businesses, the timing for any form of tax increase through the passage of Finance Bill is wholly ill-timed and masses unfriendly. Yes, certain items in the small business sector are exempted, the question is who buys the products of the big businesses who do not benefit from exemptions? The bill no doubt is passed to the consumers, the average Nigerians.
“For us, there are more creative and innovative ways of raising revenues for government beyond arbitrary tax increase. We do not fancy, believe nor support the new Finance Bill.”