As the country implemented various measures aimed at containing the spread of Covid-19, including movement restrictions and prohibition of social gatherings, many restaurants and other entertainment facilities closed down. He, however, noted that because they are not capital-intensive they easily bounced back as soon as the measures were lifted. Fearing a breakdown in the SME sector, a crucial player in the economy, the government put in place various measures aimed at cushioning small businesses from the adverse effects of the pandemic. The removal of fees on movement of money between the mobile money wallet and bank accounts also benefited SMEs. Corporate tax was reduced from 30 per cent to 25 per cent and value-added tax from 16 per cent to 14 per cent.

Source: Standard Digital May 29, 2021 06:20 UTC