THE strategic stakeholders of the economy have cried out that the 3 tiers of government must grant them tax vacation as it might help the ailing industry to heave a sigh of relief against the catastrophic impacts of the Covid-19 pandemic.
Ukatu stressed the hostile business environment has been compounded with the escalating exchange rates and forex deficiency combined with all the Covid-19 pandemic.
“Among the hardest is the dilemma of border closed, which is yet to be suitably addressed in addition to the removal of payment of numerous taxes that we’ve been searching for. For the nation to come out of recession for a nation, the government should get rid of all multiple taxes imposed on producers, and each of the ministries which are visiting factories together with all kinds of fees must be cautioned. The authorities should encourage producers manner of formulating policies which is investment-friendly. The authorities should grant tax vacation to producers in this period of overall financial hardship when we have to come of downturn. They ought to consider incentives to producers rather than exploiting or penalizing them with levies and taxation. The authorities must make low single payment loans accessible with less bureaucracy in the event the nation must experience expansion. Lifting the tax load of those producers will aid in generating more employment, thus raising jobless youths from the road,” he stressed.
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Adebayo said, ‘Nigeria was reported to be in danger of a significant demand-supply catastrophe and faces potential domestic shortage and reduction of N2.27 billion at the trade out of its top five export countries. Four of Nigeria’s greatest trading partners and export resources such as China, USA, Spain, and the Netherlands that account for 45 percent of Nigeria’s imports, are fighting Covid-19 and strategising options to recoup their badly hit markets.”
Gwadabe claimed the dreadful business environment has been compounded with the escalating exchange rates and forex deficiency combined with all the Covid-19 pandemic.
He pointed out that for Nigeria to emerge from recession, the government should get rid of all multiple taxes imposed on producers, advising that the financial managers also encourage producers by means of inventing investment policies that are friendly.
“The government must give tax vacation to manufacturers in this period of overall financial hardship if we have to come of downturn. They ought to consider incentives to producers rather than exploiting or penalizing them with levies and taxation. The authorities must make low single payment loans accessible with less bureaucracy in the event the nation must experience expansion,” he recommended.
Reacting, the Acting Director-General of MAN, Ambrose Oruche, stated the policies devised to induce production in the nation aren’t encouraging, expressing his uncertainty if the business would be from doldrums by 1st quarter of 2021.
He pointed out that using a penchant for overseas goods would create locally made products struggle the moment the African Continental Free Trade Agreement (AFCFTA) kicks off next year.
He explained the unemployment record of the 2nd quarter, 2020, revealed that 21.8million Nigerians were jobless, from a workforce of 80.2 million Nigerians.
He said policies need to be implemented to enhance ease of doing business and reducing the cost of doing business, especially for SMEs
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