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Nairaland Forum / Nairaland / General / Politics / Reverse VAT Hike, Reduce Port Charges, MAN Tells FG (247 Views)
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Reverse VAT Hike, Reduce Port Charges, MAN Tells FG by Mgbadike80: 10:25pm On Feb 02, 2021 |
Nearly one year after the Federal
Government increased the country’s
Value Added Tax rate, manufacturers
want the 50 per cent hike in the VAT
rate to be reversed.
The Federal Government had in
February 2020 increased the VAT
rate to 7.5 per cent from five per
cent as part of efforts to boost
revenues.
The Manufacturers Association of
Nigeria, in its newly released MAN
CEOs Confidence Index for the fourth
quarter of 2020, identified the
challenges that confronted the
manufacturing sector in the period
and recommended measures on how
government could address them.
MAN said to address the difficulty in
accessing foreign exchange, the
government should grant
concessional forex allocation at the
official rate to manufactures for
importation of productive inputs that
are not locally available.
It called for swift approval of usage
of forex sourced outside the official
market for manufacturers, and
stressed the need to fast-track the
unification of all forex windows in the
country.
The association said the government
should focus more on improving
generation, distribution and efficient
use of available electricity.
On the challenge of low demand of
commodities, MAN said the
government should “focus on prompt
payment of staff salaries, release
funds to pay contractors and
suppliers for completed contracts.”
It said the government should
construct a critical generational
pricing model for the economy that
would recognise changes in inflation,
exchange rate and lending rate in the
determination of wages (minimum
wage).
“Nigeria’s minimum wage of N30,000
(U$78.29) is about the lowest in the
emerging development countries and
does not encourage consumption.
Reverse the Value Added Tax rate to
five per cent from the current 7.5 per
cent,” the association said.
It called for the recapitalisation of the
Bank of Industry and the Bank of
Agriculture to adequately meet the
industry credit need at single digit
interest rate.
“Carry out coordinated reduction in
monetary policy rate and lending
rate; provide credit guarantee for
industrial loans from commercial
banks,” MAN said.
It urged the government to “direct all
regulatory agencies, especially the
Standards Organisations of Nigeria,
the National Agency for Food and
Drugs Administration and Control to
reduce their respective administrative
charges (pre-COVID-19 rates)
payable by manufacturing concerns
by 50 per cent.”
The association stressed the need to
improve on the wait time to clear
container/cargoes clearance at the
ports, and install sound trade
facilitation equipment at the ports
such as scanners. https://punchng.com/reverse-vat-hike-reduce-port-charges-man-tells-fg/ |
Re: Reverse VAT Hike, Reduce Port Charges, MAN Tells FG by chatinent: 10:49pm On Feb 02, 2021 |
The FG is dumb and deaf to positive things. |
Re: Reverse VAT Hike, Reduce Port Charges, MAN Tells FG by encriagona: 11:02pm On Feb 02, 2021 |
if only FG will listen |
Re: Reverse VAT Hike, Reduce Port Charges, MAN Tells FG by Mgbadike80: 4:45am On Feb 03, 2021 |
The current Nigerian government is the worst in our national history and we still have to endure it till 2023? Biko, let's break up Nigeria now through a referendum. |
Re: Reverse VAT Hike, Reduce Port Charges, MAN Tells FG by helinues: 5:39am On Feb 03, 2021 |
FG is waiting for WOMAN to make the same complain before acting |
Re: Reverse VAT Hike, Reduce Port Charges, MAN Tells FG by Idiotseverywher: 6:50am On Feb 03, 2021 |
No the federal government should leave them like that, Buhari came in to government with the mindset to destroy Igbo man, and to destroy Igbo man business, all his policy both in tax and shipping and duties was so stringent to destroy Igbo importers not knowing he has no capacity to do that because he is not God, the mistake he made was not knowing that igbos are like Jews if you go after or fight them God will deal with you . This is the problem Nigeria is facing today because the government targeted to destroy Igbo there by putting Nigeria economy in to crisis and recession |
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