Vice President Yemi Osinbajo said on Thursday the Federal Government would use the opportunities provided by the newly signed Finance Act to protect Micro Small and Medium-scale Enterprises (MSME) in the country.

Osinbajo stated this during the launch of the MSME Clinic in Abakaliki, Ebonyi State.

He said the act provided a wide range of tax incentives for small businesses.

According to him, the act signed into law by President Muhammadu Buhari on January 13 showed the federal government’s intention to improve the lots of small businesses to achieve overall economic development.

He said: “The act exempts companies with less than N25 million turnover a year from paying any company income tax at all.

“It also allows those that generate a turnover of between N25 million to N100 million, to pay tax with a significant lower rate of 20 percent from the previous 30 percent rate.”

The vice president commended MSME operators in the state for the enthusiasm displayed during his interaction with them and enjoined them to adequately utilise the opportunities provided by the clinic.

The vice president added: “I am convinced that based on the creative businesses that are on parade, the rapid business transformation that we crave in Ebonyi and Nigeria is imminent.

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“It is a proven fact and not rhetoric that small businesses are the engine room of economic growth in the country and the federal government has consistently worked to enable these businesses to thrive.

“The government has created the enabling environment for businesses to thrive especially small businesses and this is evident in our ease of doing business reforms celebrated locally and internationally.” (NAN)

Vanguard