The Manufacturers Association of Nigeria and the Lagos Chamber of Commerce and Industry have expressed concern over the plan of the Federal Government to impose more taxes and levies as stated in the revised 2022 budget.
The Director-General of MAN, Mr Segun Ajayi-Kadir, said in a statement obtained by our correspondent on Sunday that the proposed excise duty on carbonated drinks would ‘further strangulate’ the manufacturing sector already burdened with multiple taxes, levies and fees.
The Director-Deneral of the LCCI, Dr Chinyere Almona, said in a statement from the chamber that government-owned enterprises which were regulators of their operating environments might be disposed to inhibit the functioning of the sectors they play in from the expectations the government had on them as listed in the budget.
Ajayi-Kadir said, “The proposed excise duty on carbonated drinks means further strangulation of the manufacturing sector that is already burdened with the multiplicity of taxes/levies and fees.
“The industries operating in this segment are already operating with extremely low margins. So the planned excise duties will push most of them over the edge. [Punch]
