Business

Abuja Chamber Calls For Urgent Tax Reform To Grow SMEs

Published

6 years ago

February 11, 2019

Abuja Chamber of Commerce and Industry (ACCI), has called for urgent tax reforms to safe Small and Medium Enterprises (SMEs) from demands for tax even before they begin to make profit.

Mr Adetokunbo Kayode, President of the chambers made the call in a statement signed by Mr Gena Lubem, the Media and Strategy Officer of ACCI in Abuja on Monday.

Kayode said that the practice of mandatory requirement for tax clearance from companies newly registered was a disincentive for the growth and thriving of SMEs in the country.

According to him, it is also one of the stumbling blocks in the Ease of Doing Business.

While noting the ongoing progress in national tax reforms, he advised tax authorities to immediately review the tax clearance system to reduce the burden placed on new companies sprouting up across the country.

“The growth of Small, and Medium Enterprises depends very much on the enabling environment the government is able to create for them to grow.

“Their growth will in turn create jobs and collective wealth for the nation. All that is necessary must be done to nurture such new businesses.

“New companies should not be mandated to produce tax clearance until after a year or so of operations,’’ he said.

Kayode said that members of the chambers had also lamented the negative effect of that policy in their efforts to run their legitimate businesses.

“SMEs must not be taxed on operations but on profit. Company’s duty is to pay tax on profit only if there is a profit. You are not to pay tax if you have not made profit or if you made a loss.

“We want to see a situation where companies will be taxed on profit not on any other affiliation.

“This means that a business must pay tax on the profit it has made over a period of time as stipulated by the appropriate law,’’ he said.

According to him, the situation on ground is where companies are whipped into paying all manner of taxes, levies and other forms of payments to the three tiers of government.

“If this country must grow and have a vibrant economy, the plight of the SMEs must be adequately taken into account.

“SMEs are of fundamental importance to us due to the meaningful contribution they add to economic development.

“They are constantly expanding output, generating employment, and redistributing income, promoting indigenous entrepreneurship and greatly producing primary goods that strengthen industrial linkages.

“The sector is accountable for about 85 per cent of the total industrial employment in the country and between 10 to15 per cent of the total manufacturing output,’’ he said.

Business

GTCO Plc Launches Initiative to Improve Quality of Life for Households and Empower Women

Published

2 days ago

February 21, 2025

august24admin

AJAGBE ADEYEMI TESLIM

Guaranty Trust Holding Company Plc (GTCO), a leading financial services institution renowned for its innovative approach to corporate social responsibility (CSR) and stakeholder engagement, today announced the launch of its “Waste for Gas” project to improve quality of life for households and empower women in underserved communities.

This transformative initiative aims to distribute 3,000 3kg gas cylinders with burners to low-income households in Obafemi Owode Local Government, Mowe, Ogun State.

The Waste for Gas project underscores GTCO’s unwavering commitment to improving outcomes for people and communities. By providing households with gas-powered cooking, the initiative simplifies daily routines, freeing up time for essential activities that support financial resilience.

The initiative also introduces a structured “waste for gas” exchange programme that promotes responsible waste management, fostering a culture of sustainability.

The project will unfold in two key phases, ensuring that it reaches those most in need.

In the first phase, teams from GTCO, in collaboration with local government representatives, will conduct door-to-door visits across 12 wards in Obafemi Owode Local Government from Monday to Friday, February 18th – 21st, 2025.

These visits will help identify beneficiaries who currently rely on firewood and charcoal for cooking. Participating households will collect and return plastic waste in exchange for gas cylinders and burners.

In the second phase, scheduled for Saturday and Sunday, February 22nd and 23rd, 2025, efforts will be shifted to monitoring and increasing adoption of the new cooking method among the beneficiaries.

Speaking on the initiative, Mr. Segun Agbaje, Group Chief Executive Officer of GTCO Plc, stated: “At GTCO, we are committed to driving progress, not just through innovative financial solutions but by creating real impact in the communities where we operate.

Waste for Gas is about making life easier for families, giving them more time for what truly matters—whether it’s education, meaningful work, or personal development.

Beyond this initiative, our goal is to continually evolve sustainable platforms that empower people, strengthen communities, and contribute to socioeconomic progress.”

As GTCO continues to expand its CSR footprint, the Waste for Gas project serves as a blueprint for future interventions that drive meaningful, long-lasting impact in underserved communities.

Business

Dr. Owen Omogiafo Transcorp Group President to Deliver Keynote at Women in Energy Forum, NIES 2025

Published

5 days ago

February 18, 2025

august24admin

Dr. Owen Omogiafo Transcorp Group President to Deliver Keynote at Women in Energy Forum, NIES 2025

AJAGBE ADEYEMI TESLIM

Business

Zero Processing Fee; GTBank Removes POS Processing Fees to Support Businesses

Published

1 week ago

February 14, 2025

august24admin

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Guaranty Trust Bank Ltd has announced the removal of processing fees on all GTBank POS terminals, reinforcing its commitment to supporting businesses with cost-effective payment solutions.

This initiative, which took effect Tuesday, 11 February 2025, communicates that merchants using GTBank POS terminals will no longer incur Merchant Service Charges (MSC) when receiving payments from customers.

With this initiative, all qualifying SME Merchants can now receive payments at zero cost, allowing them to reduce operational expenses, whilst promoting the merchant’s enterprise, and enhancing customer experience.

Speaking on the initiative, Miriam Olusanya, Managing Director, Guaranty Trust Bank Nigeria, said: “At Guaranty Trust Bank, we are always looking for ways to add value to our financial ecosystem.

By implementing the zero processing fees on POS transactions, we are empowering businesses to get the full value of every payment they receive, whilst also ensuring a more seamless and efficient payment experience.”

The Zero Processing Charge campaign aligns with GTBank’s ongoing efforts to empower businesses with innovative financial solutions that drive growth and efficiency.

For more information, merchants are encouraged to contact their Relationship Managers or reach out to the Digital Banking Support Team at poshelpdesk@gtbank.com.