The Manufacturers Association of Nigeria (MAN) has applauded the federal government on its decision to halt the increase in excise duty on alcoholic, non-alcoholic beverages and tobacco.
MAN received the understanding of the government on the introduction of 0.5% Import surcharge, which is meant to fulfill Nigeria’s obligations to the continental agreement in the implementation of Africa Continental Free Trade Area (AfCFTA) agreement, as well as the promised intervention on resolving the logjams in the interpretation of the Tin Plate, HS Code 7210. 12.00.00 with the Nigeria Customs Service. “From the foregoing, the association views the Federal Government’s move as one that will encourage our members who are currently struggling with unprecedented low sales, forex squeeze, inadequate electricity supply and multiple taxes and levies from the three tiers of government.
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Upon the proposed introduction of the sugar tax, MAN had warned that a new tax imposed on carbonated drinks and others would be counter-productive and urged the government to devise other means of generating revenue rather than inadvertently stifling the productive sector which was already struggling. The association contended that the policy’s projected revenue of N81 billion from 2021-2025 cannot be compared to the potential loss to government in other forms of taxes and revenue cut that it would entail.
