The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has described the recent interventions by the Federal Government on some recent tax changes as part of its efforts to mitigate tax burdens on businesses nationwide.
The President of the organized private sector (OPS) group, Barrister Dele Kelvin Oye, in a statement issued on Thursday, noted that the tax changes were intended to raise revenue while addressing important public health and environmental concerns.
He, however, pointed out that the lack of adequate notice and clarity on the implementation of the changes had resulted in significant challenges for affected businesses, including rising costs, falling margins and capacity under-utilization.
Specifically, he expressed the association’s appreciation on 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.
In addition, the OPS’ leader also stated that the association supported 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.
To ensure that the fiscal measures positively on businesses and the nation’s economy, the NACCIMA chief urged “the Federal Government to continue to engage with stakeholders and implement policies that are business-friendly and promote sustainable economic growth.”
According to him, the association believes that the private sector is essential to achieving the government’s goal of higher GDP growth and reduced unemployment rate through job creation.
Oye expressed the readiness of the OPS group to collaborate with the government in its current drives to create an enabling business environment that will attract more investment into the country and enhance the competitiveness of Nigerian businesses.
