The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture, has welcomed the suspension of the 5% Excise Tax on telecommunication services as well as the escalation of Excise Duty on locally manufactured products, noting that it will relieve Nigerian businesses of undue burden.
The Punch reported that the National President of NACCIMA, Dele Kelvin Oye, responded, saying, “We appreciate the administration’s commitment to ensuring that unfavourable policies do not unduly burden Nigerian businesses.
“We commend the decision by President Bola Ahmed Tinubu to sign executive orders deferring the commencement of the tax changes as contained in the Finance Act and Customs, Excise Tariff Amendment Order.
“We also support the lifting of the 5% Excise Tax on telecommunications services, the increase of Excise Duties on locally manufactured goods, the Green Tax on Single-Use Plastics, including plastic containers and bottles, and the Import Tax Adjustment levy on certain vehicles.”
He added that although the tax changes were designed to generate revenue while also addressing critical public health and environmental concerns, the absence of proper notice and clarity on the changes’ adoption has caused significant challenges for affected businesses, including rising costs, falling margins, and capacity underutilization.
“We believe that the private sector is critical to the government’s goal of increased GDP development and lower unemployment through job creation.”
He, therefore, urged the Federal Government to continue engaging with stakeholders and implementing business-friendly policies that promote long-term economic growth.
