A clearing agent, Mr Linus
Njoku, has called on the federal government to check the incidence of double taxation with a view to addressing the negative effects on business activities in the country.
Njoku, who spoke to our correspondent in Port Harcourt, on Friday, said the development has created difficult business activity for investors.
According to him, areas worse affected include transportation and ports logistics, budget delays and high energy costs.
He said manufacturers, traders, micro, small and medium enterprises and other investors were suffering through the unwholesome activities of smugglers, counterfeiting, numerous tax collection agencies and unnecessary taxes amongst others.
Throwing more light, he said investors have found it very difficult in the delivery and evacuation of containers as a result of traffic gridlock though bridges and flyovers.
He said the economy of the country was saddled with an unfair competition through the importation of consumer products and the granting of lopsided waivers to individuals and corporate organisations.
On the idea of stipulating revenue targets for government agencies, Njoku said the policy gave room to unfair taxation that places burdens on investors.
“Giving targets to government agencies such as the Nigeria Customs Service (NCS) often leads to unfair taxation and burdens on investors,” he said.
He opined that the power sector privatisation was yet to yield positive result as businessmen especially the MSMEs run huge expenses on diesel and petrol including high tariff on electricity.
However, according to him, there has been a marginal progress in World Bank’s Ease of Doing Business rating, investors say registration of businesses Corporate Affairs Commission (CAC) now takes over one week in contrast to the 24 hours earlier promised.
The trend has been attributed to power challenges.