…Commends Tinubu on Executive Order
The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, NACCIMA has thrown its weight behind the suspension of the 5% Excise Tax on telecommunication services, the Excise Duties escalation on locally manufactured products, the Green Tax on Single Use Plastics, including plastic containers and bottles and the Import Tax Adjustment levy on certain vehicles.
The President of NACCIMA, Dele Kelvin Oye who made the position of the association on the suspension known in a statement in Lagos on Thursday also commended the decision by President Bola Ahmed Tinubu to sign executive orders deferring the commencement of the tax changes as contained in the Finance Act and Customs, Excise Tariff (Variation) Amendment Order.
While applauding the interventions by the Federal Government on some tax changes, Oye appreciated the administration’s commitment to ensuring that Nigerian businesses were not unduly burdened by unfavorable policies.
He noted that the tax changes were intended to raise revenue while addressing important public health and environmental concerns.
“However, the lack of adequate notice and clarity on the implementation of the changes has resulted in significant challenges for affected businesses, including rising costs, falling margins and capacity underutilization.
“We commend the decision by President Bola Ahmed Tinubu to sign executive orders deferring the commencement of the tax changes as contained in the Finance Act and Customs, Excise Tariff (Variation) Amendment Order. We also support the suspension of the 5% Excise Tax on telecommunication services, the Excise Duties escalation on locally manufactured products, the Green Tax on Single Use Plastics, including plastic containers and bottles, and the Import Tax Adjustment levy on certain vehicles”, he said.
Urging the Federal Government to continue to engage with stakeholders and implement policies that are business-friendly and promote sustainable economic growth, he added, “We believe that the private sector is essential to achieving the government’s goal of higher GDP growth and reduced unemployment rate through job creation.”
He thereafter expressed his hope towards collaborating with the government to create an enabling business environment that would attract more investment into the country and enhance the competitiveness of Nigerian businesses.
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