Taxes That Are Levied On Micro, Small, And Medium Enterprises

In Nigeria, Tax is a very important aspect of our internal revenue generation and as we all know, Micro, Small, and Medium Enterprises (MSMEs) contribute a huge part of tax generation in Nigeria. Generally, MSMEs are seen as very important and no doubt unquestionable tools in the industrialization process of Nigeria. A small Enterprise is a business with not more than N25 million turnover while a medium enterprise is a business whose turnover is between N25 million to N100 million but not above 100 million naira. Taxation is central to the current economic development agenda in Nigeria, in 2022, the Chairman of the Federal Inland Revenue Service boasted of generating over $22 billion in taxes. It plays a vital role in the overall economic stabilization and management in Nigeria. The following are the taxes required by MSMEs to comply with;