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MAN cautions FG against increasing VAT by 50%

The Manufacturers Association of Nigeria (MAN) has again called on the Federal Government not to increase Value Added Tax by over 50%. The call was…

The Manufacturers Association of Nigeria (MAN) has again called on the Federal Government not to increase Value Added Tax by over 50%.

The call was made in Calabar, capital of Cross River State, by the national president of MAN, Engr. Mansur Ahmed, in his keynote address at the 12th Annual General Meeting/Public Lecture organised by the Calabar branch of MAN. The theme of the event was ‘Patronage of Made In Nigeria Products: A Boost To Job Creation and Economic Growth’.

Ahmed said in their appeal to the Federal Government to jettison the idea of increasing VAT, they made it clear that such move will be counterproductive especially as the implementation of the national minimum wage was still being awaited.

“We have not relented in working assiduously to add value to the manufacturing environment through engagements with heads of government, ministries, departments and agencies on policies that impact on the real sector.  Most recently, we have advised the government to jettison the idea of increasing VAT by 50% as recommended by the Federal Ministry of Finance,” he said.

He said they have also impressed on the Federal Inland Revenue Service in respect of the alleged numerous challenges in the tax system which was impacting against efforts of member companies.

The MAN national president called on government to patronise local manufacturers, saying they mounted a campaign to enable all state and federal ministries readily access Made-in-Nigeria products by publishing members’ products listing booklets which have been distributed to all agencies of government.

Ahmed also said MAN will now give “special focus on promotion of value-chain development as a means of achieving greater manufacturing sector contribution to Gross Domestic Product, job creation and prosperity for the businesses of our members.”

Speaking earlier, the state chairman of MAN, Engr. Giandomenico Massari, who was re-elected by the AGM, said “The call for patronage of made in Nigeria products will not have come at a better time than now when the African Continental Free Trade Agreement has just been ratified with the aim of opening the doors for influx of foreign products at the expense of local goods.”

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