Not a few business owners in Nigeria have deliberately refused to register their companies to avoid multiple taxation and pointless dues. Aside from the general income tax, there are self-employment, sales, employment, and taxes resting on their necks.

To make matters worse, the business owners also have to provide their own infrastructure, from power to security. The situation is frustrating the country’s business environment and ‘ease of doing business’ ratings, thus repelling investors and stiffening business growth for many entrepreneurs.

Chairman and founder of Heirs Holdings and United Bank for Africa (UBA), Tony Elumelu, corroborated this point when he raised an alarm that the average Nigerian business pays 48 taxes. Until when do we have to tolerate this?

Read full article on: https://qwenu.com/2019/04/26/the-burden-of-over-taxation-on-nigerian-businesses/