Two key members of the organised private sector , the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture , and Nigerian Employers Consultative Association , have raised objections to the Finance Bill passed into law last week by the Senate, saying that it is an indication that the legislative arm along with its executive counterpart are unmindful of the hardship Nigerians are going through.
In its reaction to the passage of the bill, NACCIMA commended “the leadership and members of the Senate for the accelerated attention given to the Finance Bill , which aims to promote fiscal equity, align local laws with global best practices, introduce tax incentives for investments in infrastructure and the capital market as well as support small businesses in line with the ongoing Ease of Doing Business reforms.
Also, according to NACCIMA, inflation rate is still high, and has been revolving around 11.3 per cent since May 2018, even as double-digit inflation is still driven by high food prices, while the Food Price Index has been revolving around 13.4 per cent during the same period. “While noting the federal government’s need to fund the implementation of the national budget, especially, in line with the new minimum wage structure, the association further counsels that expanding the tax net, implementing tax reform and ensuring robust tax administration will also increase government revenues with less negative impact on the indicators listed above.
The Director-General of the association, Mr.
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