The Executive Chairman, Edo State Internal Revenue Service (EIRS), Mr. Igbinidu Inneh has said that wealth creation and employment opportunities can only be created through the unlocking of entrepreneurship potentials in micro, small and medium enterprises (MSMEs).
Inneh made this statement while addressing participants at the ‘Edo Business Clinic 2018′, a one-day business clinic organized by the Edo State Ministry of Wealth Creation, Cooperatives & Employment and Office of the Senior Special Assistant to Edo State Governor on Special Duties and Social Enterprise, for entrepreneurs and business owners in Edo State, held at the Imaguero College Hall, Benin City.
The revenue boss used opportunity to educate participants on the differences between taxes and fees fines, levies, charges that are collectible by the revenue authority. He said “all of these revenues consolidate into government’s purse as internally generated revenue (IGR) with tax as the friendliest of them all. Because tax is only applicable when there is economic activity by deriving value from your actions, business or assets.”
Similarly, the Secretary to the Revenue Service, Efe Iserhienrhienhile appreciated the organizers of the programme. He said the programme is very apt as it will help the EIRS’ revenue generation effort, business owners and government, as well as improve infrastructure. According to him, “If your business grows, your revenue will grow and the taxes you will pay therefore, will grow as well.”
“The revenue that government collects is for you. This secondary school that we are in presently, was not like this compared to what it was some fifteen years ago. It is now very much habitable with state of the art facilities. This is taxpayers’ money at work. It is important that we pay our taxes and other levies so that government will have more money to provide amenities for us.”
Mr. Iserhienrhien admonished business owners to be on the right side of law by paying their taxes, registering their business and staff before operating, noting that compliance and non-compliance comes with numerous benefits.
He said, “if we elect not to pay tax, there is also benefit. That benefit is not to your advantage. It is to the advantage of government. Because when you fail to pay, it will attract penalty and interest. When that penalty leaves your capital, it means the business is heading for the rocks. Just as it is illegal to do business without registration with the Corporate Affairs Commission (CAC), so it is illegal to do business without registration with the tax authority. First, a business entity is to register as a taxpayer under the Tax Identification number scheme, while workers can be registered under the Pay-As-You-Earn (PAYE) scheme”.