The Federal Government of Nigeria is in the process of designing a special tax regime for Small and Medium-scale Enterprises (“SMEs”) in the country as a way of ameliorating the challenges of multiple taxation being faced by operators in the sector.
The Minister of State for Industry, Trade and Investment, Hajiya Aisha Abubakar, at an event in Lagos on Sunday, November 13th, 2016 said that the government intends to leverage on technology to assist in establishing a system of taxation that would target the SME sector. The use of technology will ensure that the taxes are shared appropriately and will reduce the hassles of multiple taxation where different people come to require taxes of those in the Small and Medium-scale Enterprises.
The FGN is tenaciously working on achieving this but it is not expected to become effective until mid-2017.
In the meantime, our Vi-M Tax Assist software is available for use by taxpayers, particularly SMEs, and individuals, for free. It calculates monthly Value Added Tax, Withholding Tax, Pay-As-You-Earn (PAYE), Pensions and runs payroll/ pay slips, all for free. Users can sign up/ login at the upper right corner of www.vi-mtaxassist.com page to use the Tax Assist software for free.