If the newly released BBI Report is anything to go by then SMEs and startup businesses are out to benefit a lot. According to the report. Small business will be exempted from paying taxes for up to 7 years from the time they started their businesses.
Youth and Development
This is seen as a step in the right direction especially for the youth who are unemployed and find it hard to start up businesses due to a chain of barriers.
High level of unemployment has left a majority of the youth desperate and some of them end up in crime.
Many huddles and requirements needed for one to secure a job has also turned many educated youth into unproductive members of the society.
Higher Education loans board certificate, Police clearance certificate and CRB Clearance certificates are some of the documents most employers require from the unemployed youth to secure a job vacancy. Considering this documents cost a considerable amount to acquire them many youth find it difficult to get them thus locking them out of job market
Tax and levys charged on small business has for long time been a hindrance to start, operate and sustain a business for long.
If the report is adopted then this will be a big win for the youth and startup businesses.