The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture,NACCIMA, has welcome the suspension of the five per cent Excise Tax on telecommunication services as well as the Excise Duty escalation on locally manufactured products’ taxes.
It equally noted that such will ensure that Nigerian businesses are relieved of undue burden.
National President, NACCIMA, Dele Kelvin Oye, in his reaction said: “We appreciate the administration’s commitment to ensuring that Nigerian businesses are not unduly burdened by unfavourable policies.
“We note 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.
“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.”
