Economy: Atiku to Eliminate Multiple Taxations, Increase Funding for Small Businesses

Economy: Atiku to Eliminate Multiple Taxations, Increase Funding for Small Businesses

The PDP Presidential Campaign Organization (PPCO) says it’s Presidential candidate, Atiku Abubakar, has perfected a blueprint that will eliminate multiple taxation, slash income taxes, as well as commodity tax rates and increase government funding to small and medium enterprises, in key sectors of the economy.

This position marks a clear difference between Atiku Abubakar and President Muhamamdu Buhari who is planning to increase the suffering of Nigerians by imposing more taxes on them in the coming year.

The PPCO says the PDP Presidential candidate is personally worried over the current huge tax burden and hidden levies on businesses, common commodities and services by the Muhammadu Buhari administration, which has led to the prevalent economic strangulation, high costs and untold hardship being faced by compatriots.

A detailed check on the tax regime under President Buhari’s administration shows that apart from huge capital gain taxes, which is crippling businesses and scaring away investors to other countries, Nigerians are also bearing the huge burden of hidden taxes on everyday consumer goods and services.

It is more disheartening that proceeds from these hidden taxes are allegedly diverted to private purses of corrupt leaders of the All Progressives Congress (APC) and the cabal at the Buhari Presidency, while our infrastructures remain dilapidated.

The PPCO however, urges Nigerians not to despair as the PDP Presidential candidate has articulated a framework that would not only streamline tax administration in the country and ensure transparency in remittance and spending, but also support private businesses to thrive.

Part of the framework in Atiku Abubakar’s policy document shows a plan “towards achieving the lowest corporate income tax rate in Africa, in order to make Nigeria one of the most attractive destinations for foreign direct investment”.

This is in addition to a plan to achieve “lower transaction costs (including lowering the capital gain tax) in order to attract investment and boost activities in the capital market”, as well as ensuring that the granting of qualification for tax incentives is in accordance with pre-determined, uniform and clear criteria.

Part of such incentives for wealth creation includes, extending the mandate of the relevant government agencies to de-risking and provision of technical assistance for small and medium enterprises, increasing their funding window from the current N200 billion to N500 billion and enhancing their access to domestic and global markets for more profitable engagements.

Finally, it is instructive to note that while President Buhari has confessed that he has no solution for our economy which he wrecked, our candidate, Atiku Abubakar, offers solutions with blueprints that ensure economic prosperity for all Nigerians at all levels.