NECA Seeks Complete Reversal Of 2023 Finance Act

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The director-general of the Nigeria Employers' Consultative Association (NECA), Adewale-Smatt Oyerinde, has called for a total reversal of the 2023 Finance Act.

He said, “Our view is this: we don’t really need suspension; we need an absolute reversal. We said if you find yourself in the hole, the first thing you do is to stop digging. Those new taxes, the plastic tax, the excise tax on carbonated drinks, they have the potential to dig organised businesses deeper into the hole of extinction.

“So between now and September, the extension was given for us to engage constructively and let government see the risk in those taxes”. Meanwhile, the Chartered Institute of Taxation of Nigeria has expressed its full support towards the federal government initiative to set up the Presidential Committee on Fiscal Policy and Tax Reforms.

CITN president, Mr. Samuel Agbeluyi, lauded these initiatives and said he expects that the Committee’s mandate would lead to improved revenue collection efficiency, promote transparency, foster a healthy tax culture, and encourage voluntary compliance.

 

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