Private Sector Battling Over 50 Taxes – NECA 

The Nigeria Employers’ Consultative Association (NECA) says the organized private sector in Nigeria is confronted with over fifty forms of taxes.
Director-General of NECA, Mr Adewale Oyerinde, who disclosed this in a statement made available to newsmen, said businesses in Nigeria are presently faced with over 50 different taxes, levies and fees at all tiers of government, some of which are duplicated.
In the statement, Oyerinde said additional taxes and stringent regulatory environment were threatening the sector, and that such was hindering business and investment.
“Currently, there are over five different bills at the National Assembly which sought to impose taxes on organised businesses, in addition to the notable taxes and levies which are of general application.
“Organised businesses should not be made to suffer the lack of proper economic planning and political will that have pervaded successive administrations.
”While debt and paucity of revenue are challenges that are acknowledged, organised businesses should not be made to suffer the lack of proper economic planning and political will that have pervaded successive administrations.
“At the last count, organised businesses are presently faced with over 50 different taxes, levies and fees at all tiers of government, some of which are duplicated.
“Currently, at the National Assembly, there are over five different bills, which seek to impose various taxes and levies on organised businesses in addition to the notable taxes and levies which are of general application”, he explained.
According to the DG, such taxes include: The National Information Technology Development Levy, Education Tax (or Tertiary Education Tax), National Social Insurance Trust Fund, Company Income Tax, Television and Radio License Fee, Local Content Levy, and Stamp duty”.

By: Corlins Walter