– Impediments of Government Regulations on Small and Medium Scale Enterprises –
ABSTRACT
This special workshop explored the various impediments of government regulations on small and medium scale enterprises.
The impediments as listed in this paper include; fiscal and monetary policies, government taxes, political instability and excise duties.
There impediment are effectively discussed in this paper and become pertinent for the growth and profitability of small and medium sale enterprise even in an unstable economic environment.
Based on the finding, it is concluded that fiscal and monetary policies, government taxes, political instability and excise duties are the challenges affecting the growth and profitability of SMEs and adequate attention are not paid to these challenges.
It is recommended among others that the government should enact favourable policies and regulations to bring about favourable business environment that engender the thriving spirit of business enterprises and attract more foreign investment.
TABLE OF CONTENTS
Cover Page – – – i
Certification – – – ii
Table of Contents – – iii
Abstract – – – iv
Introduction – – – 1
Concept of Small and Medium Scale Enterprises – – 2
The Role of Small and Medium Scale Enterprises In Nigeria Economic Development – – 4
Concept of Government Regulations – -5
Impediment of Fiscal and Monetary Policies on Small and Medium Scale Enterprises – – 7
Impediment of Political Instability on Small and Medium Scale Enterprise – – – – – 8
Impediment of Government Taxes on Small and Medium Scale Enterprises – – – – 9
Impediment of Government excise Duties on Small and Medium Scale Enterprises – – 10
Conclusion – – – 12
Summary – – – 12
Recommendation – – 13
References – – – 14
INTRODUCTION
Small and medium scale enterprises choose different models, styles and types of growth,
but they are still structured and directed by government regulations. Government regulations are regulations imposed by the government to guide business operations .
From time to time, change regulations forcing small and medium scale enterprises to change the way they operate, for example a rise in corporate tax on business profits.
Entrepreneurship activity in developing countries like Nigeria is primarily based on necessity. Sathe (2006) argued that government regulations and their bureaucratic procedures can hinder small and medium scale enterprises activity such as new business development.
Government can likewise seem to hinder SME firm performance when it introduces regulation which can restrict the autonomy, as well as the entrepreneurial freedom of some variety.
The present government often amend laws in line with its political policies, therefore, SMEs regularly has to be compelled to alterations in the legal framework.
These regulations will cause a substantial impact on the competitiveness, ambitiousness and expediency of SMEs.
Onwukwe and Ifeanacho (2011) stated that red-tape or costs for complying with government regulations are extremely high in Nigeria.
REFERENCES
Aderibigbe K. and Zachariah O (2014) Developing Effective Policy for SMEs Development in Nigeria, international Journal Of Social Science and Public Policy 5(2):92-102
Ajayi G. O. (2001), Entrepreneurship Development in Nigeria, Ajayi Publishers, Abeokuta, Nigeria
Anyanwu C. M. (2001), Financing and Promoting Small Scale Industries, Concepts, Issues and Prospects. Billion Publishers of CBN Vol. 25 NO.3 pp 12-15
Ayozie O. (2005). Small Scale Business and National Development, Conference Paper delivered at the CAB. Kaduna [Polytechnic, Management Conference, Kaduna Nigeria
A. N. (2005), Small and Medium Enterprises (SMEs) in Nigeria: Problems and Prospects,PhD Thesis, St. Clement’s University
Crystalynn S. (2017), Excise Taxes: a Guide for Small Businesses, Crystalynn Pens, New York
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