MAN Seeks Downward Review Of Taxes

The Manufacturers
Association of Nigeria (MAN) has urged the Federal Government to consider the downward review of taxes paid by members of the association.
The association’s President, Dr. Frank Udemba Jacobs stated this in Lagos last Monday while speaking to newsmen.
Jacobs said that the downward, review of the taxes will sustain investments and encourage new one, stressing that the government would reduce the current company Income Tax (CIT) from 30 to 20 per cent and widen the tax net to boost the economy.
He recommended that government should increase the tax revenue base by widening the tax net to capture more companies in the informal sector and in the formal sector.
He praised the Federal Government’s decision and importance accorded capital expenditure in the 2017 budget, with the value of N2.24 trillion, which accounts for 30.7 per cent of the total budget.
The MAN’s boss said that although the manufacturers support the budget assumptions, they believe some critical steps should be taken for the attainment of the budget objectives.
He called on the government to ensure Public Private Partnership (PPP) through the establishment of concession agreements under Built Operate Transfer (BOT) in road and rail construction and maintenance rather than expending the scarce resources on projects alone.
He said that since the 2017 budget was targeted to generate a total of N1.373 trillion revenue from GIT, VAT, Customs and Excise Duties and Federal Account Fees, the Association would rather urge the government not to increase or introduce any new tax.
However, the MAN’s boss further emphasized that if the 2017, budget is implemented religiously, it could help the nation’s economy to recover from the current recession.