The Manufacturers Association of Nigeria (MAN) has raised the alarm over the burden of multiple taxes, being faced by its members, and appealed to the government at all levels for a relief.
It also called on the government to fix roads in industrial estates and zones in Oyo, Osun, Ondo and Ekiti States. The alarm was raised during the 40th Annual General Meeting of the Oyo, Osun, Ondo, and Ekiti state branch of MAN, with the theme: “Tax Regime and Effects on Manufacturing: A Strategic Approach for Manufacturers”, held in Ibadan, the Oyo State capital, at the weekend.
According to MAN, manufacturers in the country are being hit with various taxes from federal, state, and local authorities, resulting in increased production costs.
The branch chairman, Lanre Popoola, highlighted the taxes that manufacturers are dealing with, including Capital Income Tax (CIT), Value Added Tax (VAT), Stamp Duties, Personal Income Tax, Withholding Tax, and Industrial Training Fund Tax, among others.
He appealed to regulatory agencies within the branch to harmonise their taxes and levies, urging them to offer discounts and concessions to manufacturers to alleviate the financial burden. He also suggested expanding the tax net to include new taxpayers in order to generate more revenue for the government.
