'Unpleasant impact on revenue, employment' -- MAN kicks against new tax on carbonated drinks | TheCable

Wasilat AzeezThe Manufacturers Association of Nigeria has kicked against the introduction of excise duty on all non-alcoholic, carbonated and sweetened beverages.Segun Ajayi-Kadir, MAN director-general, said this on Wednesday while speaking with journalists in Lagos.during the public presentation of the 2022 budget.Commenting on the development, Ajayi-Kadir said the new excise duty would cause a 0.

He added that the sector comprised 22.5 percent of manufacturing jobs and generated more than 1.5 million jobs.“One is particularly worried about the ripple effect on the introduction of the excise, despite strenuous evidence-based advice to the contrary,” NAN quoted him as saying.“As seen from previous impact analysis, excise affects production outputs, revenues and profits.

He noted that the excise estimated to generate N81 billion between 2022-2025 would not be sufficient to compensate the corresponding government’s revenue losses in other taxes from the group. Ajayi-Kadir also said the new excise duty would “easily reduce production capacity”, causing manufacturers to struggle to meet investor commitments.“A decrease in production levels or ability to purchase raw materials as a result of the introduction of excise tax will result in reduced profits for the supply chain players in the non-alcoholic beverage sector,” he added.

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