• Monday, April 15, 2024
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BusinessDay

Multiplicity of taxes in informal sector worries advertisers

Group calls for tax automation in Ebonyi

Players in Nigeria’s advertising space have joined stakeholders in other sectors to advocate for the elimination of multiplicity of informal taxes.

To curb the phenomenon which has put pegs on businesses, the advertisers in a communiqué, emanating from their National Advertising Conference 2023 in Abuja called for enhancement of tax system and harmonisation of tax administration leveraging technology and big data.

Read also: Nigeria’s tax regime and the imminent changes

While there could be administrative burden to comply with various official taxes, high prevalence of informal taxes described as ‘nuisance taxes’ by experts on mobility of goods and vehicles is really worrisome and a burden to business.

The conference which also looked at the current and imperative for reforms suggested the prioritisation of government spending to address multi-dimensional poverty and re-classify budgeting based on human capital development, infrastructure and overheads.

On economic impact of advertising in the Nigerian economy, the conference resolved to foster collaboration and synergy among professionals leveraging the diverse value contributed across sectors with the objective of achieving a national goal of $2 trillion by 2030.

The conference which was attended by major players from various sectors of the advertising profession and government officials agreed on the need to initiate a nationwide story-telling campaign that would encourage ordinary Nigerians to share their personal stories that reflect the positive aspects of Nigeria’s identity and to utilise various platforms to create a groundswell of authentic narratives.

The conference also emphasised the need for cultural sensitivity in content creation and greater infusion of Nigerianess in marketing communication content.

The conference also resolved to implement a comprehensive marketing communication for SMEs to address the industry specific needs.