New taxes opposed

| April 18, 2018

A coalition of business organizations, the Business Renaissance Group (BRG), has called on Nigeria’s government to review recently-announced increases in excise duties on locally produced tobacco products, and wines and spirits, according to a story in The Vanguard.

The federal government announced on March 11 that the duty increases would be spread over the next three years, with the first going into effect on June 4.

The BRG is said to have demanded that the federal government revert to the previous taxes or come up with a compromise based on input from ‘critical stakeholders’.

A new approach was needed that would impact positively on the government, the industry and the general population, and ultimately provide further growth and development for the country.

Briefing journalist in Abuja, the chairman of the BRG, Mazi Omeife Omeife, said increasing excise duties was counterproductive in respect of the government’s job-creation policy. Such increases were going to lead to job losses and the further impoverishment of ordinary Nigerians.

The BRG has said that it will seek judicial redress if the government does not respond within 30 days.

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Category: Breaking News, Litigation, Markets, People, Tax

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