Manufacturers Association of Nigeria (MAN) has expressed surprise towards the unwittingly imposition of 0.5 per cent tax for Competition and Consumer Protection bill 2016.
Reacting to the statement issued by the Nigeria Employers Consultative Association (NECA) accusing National Assembly of further strangulating businesses, director general of MAN, Mr. Olusegun Ajayi-Kadir , said the situation was worrisome now that the country was just getting out of recession. According to him, this was yet another unexpected and quiet surprising addition.
“It is the burden we have always highlighted inimical to business because it is unimaginable this time that we are just getting out of recession that any attempt at managing the economy should include adding to the cost of doing business and tending towards making our product uncompetitive.
“I feel the cost of business should be brought down and it is actually surprising that we are witnessing this from the national Assembly that should ensure that the people wellbeing is not jeopardized, so it’s actually a complication.”
Ajayi-Kadir explained that multiple taxation has been a major challenge for manufacturers and it comes from the different tiers of government particularly at the state and local government. “It has always having a debilitating impact on business. It increases cost of doing business; some of them are unpredictable and they come at any time and the time you expect to meet this obligation are quite telling on the man hour that you need to do your job,” he added.
Similarly, NECA said that if the Consumer Protection Bill is assented to without the removal of the addition 0.5 per cent, it would frustrate implantation through legal action and legitimate means. This is even as it has vowed not to pay this tax, noting that the insertion was a fraudulent act, which members of the organised private sector seriously frowned at.
NECA complained that some forces had gone behind the stakeholders after the public hearing on the bill to insert a 0.5 per cent tax on companies to fund the establishment of a planned commission/agency that would undertake responsibilities under the law.
The NECA director ge/neral, Segun Oshinowo , noted that at the last count, OPS have over 55 taxes and levies of all sorts imposed on enterprises from the local to the federal government level.
He said the implication of this is that it would render businesses uncompetitive and a big disincentive to wealth creation and investment in the real sector of the economy.
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