The body of organised private sector warned that the increase would incapacitate its productive capacity and ability to contribute to national development.
He stated that the proposed increases if implemented, would amount to a departure from the recently established roadmap set out in the 2022 Fiscal Policy Measures and Tariffs Amendments which covers 2022-2024.for breaking news, videos, and the latest top stories in Nigeria & world news, business, politics, sports and pop culture.
He averred: “Historically, huge increases in excise duty often do not translate to increased revenue in the medium to long term. The more sustainable an excise regime is, the better the industry can contribute to government treasury. ”The current minimal growth of the economy is an indication that a huge tax hike would not achieve the desired results for all stakeholders. The Organized Private Sector believes that the rate of increase in the roadmap of the Fiscal Policy Measures and Tariffs Amendments 2022 should be maintained.
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