The Manufacturers Association of Nigeria (MAN) has lauded the Federal Government’s efforts to harmonize and modernize tax administration, and promote greater accountability within Nigeria’s tax system through the enactment of the Nigeria Tax Act 2025.

Disclosing this to New Telegraph in Lagos, the Director-General of MAN, Segun Ajayi-Kadir, said: “Our members widely welcomed the Laws as they provide a simplified tax framework, harmonize the tax regime and deliver relief to industries, particularly the small and medium-sized industries (SMIs).

We are therefore disturbed about an imminent distraction from this positive narrative in the form of a possible introduction of a Tax Stamp System for excisable goods. “MAN understands that this consideration is predicated on the supposed benefits of curbing smuggling and counterfeiting, enhancing transparency and traceability in the excise regime, and supporting revenue growth.

“As we stated in 2018 when the Tax Stamp was initially suggested to Government and was roundly rejected, this fleeting proposition is typically the refrain of vendors who propose tax stamps as a measure against illicit trade.

While the efficacy of this measure is yet to be validated, findings indicate that tax stamps portend significant adverse implications without tangible benefits.

“However, as a critical stakeholder, MAN notes with concern that the proposed Tax Stamp System warrants careful reflection and caution. “We firmly believe that while the intention is understandable, evidence around the world shows that the Tax Stamp System often imposes heavy compliance costs, creates operational bottlenecks, and yields limited incremental revenue.”