The Oyo State governor, Mr Seyi Makinde has revealed his plans on how he intends to increase the state internal revenue base.
The Governor who spoke through the Chairman of the state Board of Internal Revenue (BIR), Aremo John Adeleke also assured the state’s stakeholders that Governor Seyi Makinde’s administration will not increase the tax on small and medium-scale enterprises (SMEs) in its drive to soar up its revenue base.
According to Adeleke, instead of increasing tax, the state would rather look into areas that were not captured in its tax net to improve the internally generated revenue.
He added that the plan of Makinde’s government is to build and nurture the growth of SMEs and not to burden them with heavy tax that could drive them out of business.
“It is in line with the promise of Governor Makinde to empower small-scale businesses in the state to propel growth in our economy.
“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,”
Adeleke, however, enjoined commercial vehicle owners and drivers as well as motorcycle riders and owners to collect necessary documents from approved agencies and tax stations under the state’s internal revenue services, instead of doing the same in neighbouring states.