Reps Advocate Tax Incentives For Small Businesses In FCT

Some members of the House of Representatives have advocated for tax incentives for businesses in the Federal Capital Territory (FCT) to thrive.

The lawmakers made the call at the launch of an entrepreneurial centre, Dreamskin Luxe Empire, in Abuja on Friday to commemorate the celebration of the feast of St. Valentine.

The member representing Abuja Municipal/Bwari Federal Constituency, Rep. Obika Chinedu, specifically admitted that the FCT is a thriving environment for businesses, calling on the minister, Nyesom Wike and others to prevail on tax administrators not to over-tax small scale business owners.

“This will discourage entrepreneurship and development in the area councils. You see some of those tax administrators would collect the tenement rates, business premises and all kinds of taxes.

“They should be able to harmonise them the way the tax will not be too much to pressure businesses to close. This is because, when businesses are closed, the people that are engaged in them will fall back to the streets; and an idle mind is a devil’s workshop.

“So the Area Councils, it is their duty to make sure that the businesses are encouraged through tax rebates or tax reduction.

“I am appealing to the area council chairmen who represent AMAC and Bwari to look into the ways and models they are using to tax businesses in Abuja.

“Businesses like this that have sprung up should be encouraged. Instead of taxing them more, you should give them tax incentives to encourage them to employ more people or create more businesses.

“This will help to reduce unemployment. So we should be talking to them to make sure that they don’t double tax these small young businesses that are springing up,” he said.

Also speaking, Rep Ikenga Ugochinyere representing Ideato Federal Constituency, said that the Tax Reform Bills, when passed, would give strong encouragement to small businesses.