DP
By rasheedakinshola • 14 days ago • 185 views • 43 comments

Manufacturers Association of Nigeria (MAN) has called on Federal government to  widen the tax net rather than increasing the tax rate thereby moving up taxes and levies which are usually borne by the narrow tax compliant segments of the populace, especially the corporate entities; majority of whom are manufacturers and whose internal system cannot permit avoidance or evasion of tax.

The president of MAN, Engr. Mansur Ahmed, who made this call at the interactive forum, held recently in Lagos, said this is of significant importance, given the role of manufacturing in the industrial and economic development of the country and the concomitant effect on employment generation, technology acquisition and wealth creation.

Ahmed noted that revenue from taxes has significantly improved and fast becoming another credible source of our central government’s yearly budget funding, thereby minimizing the vagaries and volatility associated with oil prices at the international market.

“We assure you, we will keep on supporting FIRS, which is part of the transformation initiatives of the present Administration that seeks to create a more prosperous economy through diversification of the economy and government revenue away from oil dominated foreign earnings to a more predictable sources that have the potential to accelerate the country’s economic growth,” he said.

According to him, majority of the corporate entities that were tax compliant were mostly manufacturers whose internal system cannot permit avoidance or evasion of tax.

He commended FIRS for its support and understanding in respect of the Value Added Tax (VAT) exemptions on biscuit and raw materials for the manufacture of diapers. Ahmed expressed optimism that the forum would strengthen the relationship between manufacturers and FIRS toward boosting economic growth.


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