Oyo State government has noted that it will not increase taxes on medium scale enterprises (SMEs) to generate revenue, Concise News reports.
Concise News understands that the Chairman, Oyo State Board of Internal Revenue (BIR), Aremo Adeleke said this in a statement on Sunday.
According to Adeleke, Oyo State would look into areas that were not captured in its tax net to increase the internally generated revenue base.
This, he noted, is in line with Governor Seyi Makinde’s government efforts to build and grow SMEs in the state.
“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,” the statement 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 to be discussed here.
“We will rather nurture them to grow and be self-sustaining than to over-burden them with tax.
“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.”