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Grant hospitality businesses tax holidays, Jumia Travel MD tells FG

Grant hospitality businesses tax holidays, Jumia Travel MD tells FG
February 12
20:07 2019
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Omolara Adagunodo, managing director of the hotel and flight services arm of Jumia, says the federal government should grant businesses in the hospitality industry tax holidays.

In a statement released by the company, Adagunodo said the industry would contribute more to the nation’s gross domestic product if granted tax breaks.

“The travel and Tourism sector accounted for 1.9% of total GDP as a direct contribution, and 5.1% as a total contribution to GDP in 2017. In monetary terms, Travel and Tourism contributed N2.298 billion to the GDP as a direct contribution and N6.205 billion as a total contribution to the GDP,” she said.

“For jobs, the sector directly generated 1.2 million jobs, that’s 1.8% of total employment (and, it’s expected to rise by 4.7% in 2018 to 1.276 million). Whereas total jobs created – both direct and indirect was 3.3 million, that’s 4.8% of total employment.

“This percentage GDP contribution will significantly increase as these businesses will invest the money on boosting service delivery and overall improvement in the quality of business.”

In 2017, the federal government had released a list of 27 industries that would enjoy two years tax holiday under pioneer status and the hospitality sector was not on the list.

At present, some of the taxes paid by businesses include registration of hospitality premises, stamp dut, value added tax (VAT), Pay As You Earn (PAYE), Company income tax, withholding tax, liquor license among others.

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