MAN advocates five-year tax free policy to boost manufacturing activities

The Manufacturers Association of Nigeria (MAN) has urged the Federal Government to grant a five-year tax free policy for the industrial and business sector in the country so as to halt the rate at which companies and other businesses are folding up .

Uba Obasi, Chairman of the Manufacturers Association of Nigeria (MAN) Imo/Abia Branch, in a telephone chat with BusinessDay, said that granting of five years tax free business policy reform would not only stem the rate at which businesses are folding up but would also enable industrialists to scale up their businesses and attract more investments in the Country.

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He also noted that employers would also be employed to reduce the rising youth unemployment in the Country as well as bring about a reduction in the commission of crimes in the Country.

“Companies are folding up. The business and industrial sector is very volatile and there is need for a radical reform. The Federal Government must grant our request for a-5 year tax free reform policy on businesses and industries through out Nigeria as a response to Donald Trump’s 14% universal tariff on imports from Africa including Nigeria”, Uba Obasi said.

Talking about Burkina Faso, he noted that the business class in Burkina Faso would heave a sigh of relief because their President, Ibrahim Traore had declared Burkina Faso a “tax free nation”.

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According to him, the tax free policy on businesses will attract global investors with the zero taxes now in place in Burkina Faso .

“Now don’t you see what Burkina Faso has done?.All the investors are now moving to Burkina Faso, most companies are going there because of that tax free policy.

“That is what Nigeria needs here now, a five year tax free and you will see what will happen here, you will see investors from Europe. they will come to Nigeria to invest and some collapsed businesses will come up alive once again”, he noted.