The Manufacturers Association of Nigeria (MAN) has hailed the Federal Government for the suspension of the obnoxious aspects of the 2023 Fiscal Policy Measures describing it as a welcome development for the manufacturing sector.
In a statement on Friday, Segun Ajayi-Kadir, Director General of MAN, said the suspension of the taxes which arbitrarily imposed additional tax burden on the sector, obviates the looming existential threat on some sub-sectors in the manufacturing landscape.
“Manufacturers in the affected sector are pleased and we can now reconnect with our projections and plans made at the beginning of the year,” he said.
He added that the association expects the Customs Service to now stand down the requirements for compliance with the excise escalation and the registration for the green tax.
“It is therefore worthy of commendation that President Bola Tinubu took due and far-sighted notice and consideration of the concerns.”
It would be recalled that on Thursday, Tinubu signed four Executive Orders, postponing the enforcement of taxes on telecommunication services and alcoholic beverages and suspending the green tax, including the single use plastics tax and the import adjustment levy on certain categories of vehicles.
The Finance Act (Effective Date Variation) Order, 2023 defers the commencement date of the changes contained in the Act from May 28, 2023, to September 1, 2023.
In keeping with the trend of positive policy initiatives that we have seen with his administration, the four executive orders released yesterday have put paid to the anxieties of manufacturers in the affected sectors in particular and operators in the expansive value chain in general, according to MAN.
The association said going forward, it will continue to value fruitful dialogue and engagement with the government, with a view to improving the manufacturing environment in particular and the economy in general.