President of the Manufacturers Association of Nigeria (MAN), Otunba Francis Meshioye, regretted that the Tax Bill excluded tax waivers on profits from manufactured exports.
He said between 2019 and 2023, the value of manufactured exports deteriorated from $6.7 billion to $1.6 billion partly due to inadequate incentives for our exporters.
The Oil Producers Trade Section of the Lagos Chamber of Commerce said that if the tax bills is passed as currently drafted, some of the VAT gains for the oil and gas sector will be lost especially when it concern petroleum profit tax.
Its representative said the incentives for oil production should be codified under the proposed tax reform, adding that of section 87 of the bill is allowed, stabilisation fund will not be available for companies currently captured under the Petroleum Industry Act, adding that in such situation, when anything happen, they will be on their own.
He said in passing the bills, there is need to be careful not to increase the cost of doing business in the country so that businessmen will not be pushed into investing in other clime.
He said the OPTS supports the principles b hind the bills, while expressing the hope that all areas of concern will be addressed.
