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Manufacturers Want Reduction In Corporate Tax

40 Secs Read 

Manufacturing firms in Nigeria are apparently not pleased with the hefty corporate tax the government keeps forcing them to pay every year, and they recently asked for some reduction. They advised the Federal Government to instead focus on getting more people into its tax net.

The Manufacturers Association of Nigeria and the Federal Inland Revenue Service held a meeting this week where they discussed how they can resolve the taxation dispute that resulted in the freezing of accounts of some companies.

During the interactive meeting, the Chairman of the FIRS , Mr Babatunde Fowler , made it known that 1 . 2 million organizations and 10 million people had been added to the their tax net .

However, Paul Gbededo, who is a former Chairman of the Association of Food Beverage and Tobacco Employers as well as the Group Managing Director, Flour Mills of Nigeria Plc, is not pleased with the hefty corporate tax they occasionally drop from their coffers.

He encouraged the government to work towards getting more people into the tax net , rather than increasing taxes .

He explained that governments in various other countries are now reducing corporate tax so as to encourage more people to invest in their country, and Nigeria should not be an exception.

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