‘Multiple taxation killing businesses’

Small Medium Enterprises (SMEs) are groaning under multiple taxation with the attendant low turnover by the company’s.

They urged government at all levels to harmonise their tax policies towards reducing the tax burden imposed on various categories of businesses in Nigeria, in other to promote business growth and job creation.

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Speaking at a business forum in Lagos, an industrialist, Managing Director/CEO, Layus Investment Company Limited, Mr. Olatunji Lawal, said multiple taxation has been hindering steady growth of businesses and regretted  that government at all strata have not n shown  genuine concern to address the situation.

He relieved a scenario where government at all strata harass manufacturing companies and other SME’s operating at various localities within their jurisdiction, demanding all forms of taxes which are not healthy to such businesses and asked them to harmonise the taxes for the growth of businesses.

The industrialist implored government to encourage business growth through their policies including moderate taxation, and also improve on other enabling infrastructure like improved and regular electricity supply and good road network to facilitate industrial growth and development, leading to more job creation for our teaming masses.

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Commenting on the menace of fake and adulterated health products in circulation, Mr. Lawal whose Company manufacture Cacatin, a brand of Skin & Hair care products with Herbal mixture for women, called on the National Agency for Food & Drug Administration and Control (NAFDAC) to re – engineer it’s product registration policy by establishing a training centre for local manufacturers/producers, where they could undergo training and also subject their products to proper scrutiny before approval.

He explained that by so doing, sanity would be brought into product registration, control and monitoring. He also advocated  that Herbal Products  producers  should be made to go through the training school for Herbal Medicine practitioners established by the Lagos State government.

On his company’s projection for growth the industrialist revealed that Layus Investment Company Limited has put machinery and necessary infrastructure  in place to become a full – fledge Pharmaceutical company in a few years time by going into production of drugs like paracetamol, blood tonics, and the likes to generate more employment opportunities for Nigerians.

He added that he was determined to promote youth employment in the country while also advising parents to encourage their wards to start small scale businesses on a low key rather than being idle away or waiting for huge elusive business capital before venturing into business engagements stressing that government alone cannot provide employment for our teeming youths.

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