The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has expressed worries over what it considered as the negative impact of the recently passed Finance Bill 2022 by the National Assembly on the growth and development of the private sector.
NACCIMA said for entities already weighed down by scarcity of forex, poor business environment, high cost of energy, among other macroeconomic indices, any further tax increases on businesses as contemplated by the 2022 Finance Bill might lead to shut down of many companies and worsen the already bad unemployment crises in.
Speaking at its First Quarter Press Briefing in Lagos, NACCIMA National President Ide John C. U.deagbala, lamented that attempts by the 2022 Finance Bill to add more financial burden on the private sector that is struggling to keep businesses afloat would suffocate businesses.
He pointed out, for instance, that barely two years after the government raised education tax from two per cent to 2.5 per cent, with many companies still struggling to adjust to the increase, the same tax head was being raised to three per cent.
Udeagbala also said the value added tax has been raised from five per cent to 7.5 per cent over the same period.
“This is besides over 50 other forms of taxes and levies being imposed on members of the organised private sector of Nigeria by the federal, state and local governments,” he added.
Copyright Ships & Ports Ltd. Permission to use quotations from this article is granted subject to appropriate credit given to www.shipsandports.com.ng as the source.