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17 bills imposing more levies on manufacturing pending in NASS — MAN

The Manufacturers Association of Nigeria (MAN) said there are no fewer than 17 bills aimed at imposing more levies on the manufacturing sector currently before the National Assembly (NASS), in addition to the incidences of multiple taxes/levies and fees that have overburdened the sector.

Director General, MAN, Segun Ajayi-Kadir, in a chat with Vanguard, lamented that currently, the manufacturing sector is overburdened by the incidences of multiple taxes/levies and fees occasioned by the excessive drive of government Inland Revenue.

“As we speak, manufacturers pay over 30 different taxes, levies and fees to Agencies of the Federal, State and Local Governments. MAN, over the years, has expressed dissatisfaction over continuous increases in taxes, excise duties, VAT and others because we believe that multiple taxes/levies/fees depress production in the manufacturing sector,” he said.

Ajayi-Kadir further stated: “No fewer than 17 bills, aimed at imposing more levies on the manufacturing sector, are pending in the National Assembly. These include the National Youth Service Corps Trust Fund Bill (seeking to take 1% of net profit), the Youth Entrepreneurship Development Trust Fund Bill (1% of net profit) and the 2% surcharge on all imports including raw materials, spares and machines).

“It is the preponderance of these taxes and unfriendly policy environment that constrain the competitiveness of the manufacturing sector in the global space and of course the reason for the current ranking of the country on the Ease of Doing Business Ranking.”

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