By Charles Okonji
The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has commended the Federal Government on the recent interventions through tax policy reforms.
Otunba Dele Kelvin Oye Esq, the National President of NACCIMA, made this known to Commerce and Industry Correspondents Association of Nigeria (CICAN) on Thursday.
Oye said, “We appreciate the administration’s commitment to ensuring that Nigerian businesses are not unduly burdened by unfavourable policies.”
He noted that the tax changes were intended to raise revenue while addressing important public health and environmental concerns.
He pointed out that lack of adequate notice and clarity on the implementation of the changes has resulted in significant challenges for affected businesses, outlining some of the challenges as 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 percent 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.
“We urge the Federal Government to continue to engage with stakeholders and implement policies that are business-friendly and promote sustainable economic growth. 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.
“We look forward to collaborating with the government to create an enabling business environment that will attract more investment into the country and enhance the competitiveness of Nigerian businesses.” NACCIMA President expressed.
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