Economic experts have called for a review of the government’s 2022-2025 fiscal policy to save Nigeria’s Tobacco industry from collapse due to heavy taxes.
Consequently, the Nigerian government is eyeing over a 125 per cent tax increment on tobacco products in its 2022-2025 fiscal policy. Reacting to the development, Economist and CEO of the Centre for the Promotion of Private Enterprise, CPPE, Dr Muda Yusuf, called on the government to review its policy on the Tobacco industry.
“It is a wrong policy, imposing too much tax pressure on investments. In other parts of the world, what they do to investors is to give them tax concessions to encourage them to produce; after that, they can talk about taxing the profits, VAT.“My appeal is that the National Assembly should not rush to pass this bill. Should listen to stakeholders and ensure that the views of stakeholders are taken on board.
On his part, a Tax Expert, Taiwo Oyede of PwC, said the excise duty on Tobacco, beverages and non-beverages was already spelt out in the 2022-2024 fiscal policy measure and Paris amendment order.
Please let it collapse! Must we aid people to commit suicide?