Toba Owojaiye ReportingÂ
Benin, Edo State
Edo State Governor, Godwin Obaseki, has announced the signing of six executive orders aimed at enhancing the business environment in the state. Over the past seven years, his administration has successfully attracted $3 billion in investments, reflecting a robust commitment to economic growth.
The executive orders are strategically designed to streamline the process of doing business in Edo State. One noteworthy provision is the introduction of a tax waiver specifically tailored for small-scale businesses with owners earning below the state’s minimum wage. Governor Obaseki emphasized the importance of supporting these enterprises without burdening them with excessive taxes during their early developmental stages.
Truth Live News gathered that under the newly adopted pre-emptive income tax regime, proprietors and entrepreneurs in Edo State who earn below the minimum wage are exempt from tax obligations. This proactive measure aligns with Obaseki’s “Finishing Strong” agenda, which prioritizes policies and initiatives fostering an improved business environment.
Governor Obaseki affirmed the government’s commitment to nurturing small and medium-sized enterprises (SMEs), recognizing their pivotal role in economic development. The executive orders signify a strategic move to create a conducive atmosphere for businesses to thrive, encouraging entrepreneurs to focus on growth without the immediate pressure of heavy tax liabilities.
The emphasis on supporting SMEs is in tandem with the broader goal of stimulating economic activities in Edo State. By providing a tax relief to businesses in their nascent stages, the government aims to catalyze their growth, eventually leading to increased revenue and job creation.
Obaseki’s vision for a business-friendly climate is not only articulated through the executive orders but also aligns with the overarching “Finishing Strong” agenda. This holistic approach underscores the administration’s commitment to sustaining economic momentum and fostering an environment where businesses can flourish.