FIRS Chairman, Zaccheus Adedeji, honoured at inaugural Nairametrics MSME Finance Awards
The Govt Chairman of the Federal Inland Income Service (FIRS), Zaccheus Adedeji, has been honored with the award for Excellence in MSME Tax Coverage Intervention & Regulatory Assist.
The award was offered on the inaugural Annual MSME Finance Awards program, which came about on Friday, September 27, 2024, on the Civic Centre, Victoria Island, Lagos.
Adedeji, who was unable to attend in particular person, was represented by Collins Omokaro, Particular Adviser on Communications and Advocacy, FIRS.
The award, collectively organized by Nairametrics and The {Economic} Discussion board Collection, is designed to acknowledge and have a good time progressive fashions and the impactful contributions {of financial} sector gamers, non-financial establishments, and non-state actors in supporting MSMEs and influencing {financial} progress.
Adedeji’s recognition highlights his excellent efforts in fostering tax insurance policies that allow the expansion of micro, small, and medium enterprises (MSMEs), significantly by easing their compliance with tax laws.
Keynote Speech: Unlocking MSMEs’ Potential for Tax Income Development
In his keynote handle, delivered on his behalf by the particular adviser on Communictions and Advocacy, Collins Omokaro, titled “Unlocking MSMEs’ Potential Affect on Tax Income Development in a Altering Coverage and Regulatory Setting,” Zaccheus Adedeji emphasised the pivotal function MSMEs play within the Nigerian economic system.
Drawing on information from the United Nations Industrial Growth Group (UNIDO), he acknowledged that MSMEs account for over 90% of companies within the nation, making substantial contributions to employment and {economic} diversification.
Nevertheless, he famous that their potential in driving tax income stays largely untapped as a consequence of challenges corresponding to entry to finance, regulatory compliance burdens, and technological adaptation.
Adedeji highlighted the FIRS’s dedication to demystifying taxation for MSMEs via tax teaching programs and streamlined registration processes.
He burdened the significance of fostering an enabling atmosphere for these companies, saying, “To unlock this potential, we should undertake a holistic strategy that simplifies tax compliance and gives incentives for progress, guaranteeing that our tax insurance policies are cheap and equitable.”
Probably the most notable bulletins from his speech was the continuing proposal to extend the brink for tax exemptions for small companies, permitting much more MSMEs to learn from these important incentives.
He shared that this proposal is at the moment being reviewed by the Nationwide Meeting, and its approval would additional ease the {financial} burden on MSMEs, serving to them to thrive in an evolving regulatory atmosphere.
He additionally mentioned key authorities initiatives aimed toward supporting small companies, together with exemptions from Firm Earnings Tax and Worth Added Tax (VAT) for companies categorised as small underneath the Firm Earnings Tax Act.
A significant focus of his speech was using expertise to simplify tax compliance for MSMEs.
Moreover, Adedeji inspired companies to leverage digital platforms corresponding to YouTube, Instagram, and WhatsApp to develop their operations and improve tax contributions.
He famous that the digitization of tax administration is a key initiative by FIRS, aimed toward minimizing administrative burdens and making compliance processes extra clear.
As he defined, “This transformation in tax administration via expertise will make it simpler for MSMEs to satisfy their tax obligations whereas minimizing the executive burden they face.”
Concluding his keynote handle, the FIRS chairman referred to as for stronger collaboration between authorities businesses, {financial} establishments, and the personal sector to create a sturdy ecosystem that helps MSMEs.
He expressed confidence that such collective efforts would allow MSMEs to thrive and contribute extra considerably to Nigeria’s tax income progress.
