The Nigerian government has put a pause on the implementation of annual dues imposed on public interest enterprises by the Financial Reporting Council.
The Nigerian Minister of Trade and Investment, Dr Jumoke Oduwale, disclosed this at an engagement session with stakeholders on the Financial Reporting Council of Nigeria’s Levy in Abuja, Nigeria’s capital.
She suggested that the government would set up a technical working group comprising the Ministry, FRCN and organised private sector representatives that will come up with the best fit for Nigeria.
According to her, “They wrote formally; they wrote in written submissions, which will be reviewed. Also, the chair of the tax policy reform committee, the presidential tax policy reform committee, will be a member of that as well.
“We’ve listened because we’re listening government, and the President has been briefed ahead, and he said, you know, we’re listening government, and we want the private sector to be comfortable, we want the economy to thrive.
“We’ve already looked at global best practices on each side, and we’ve come up with the best fit for Nigeria. We make the proposition, and then, of course, we have to go back to Parliament. Wherever we land, it is still going back to the National Assembly.
“I already ahead briefed the chair of the House Committee on Commerce that this conversation is going on, but we’re not going to preempt the discussion and the dialog between the stakeholders, we let them land to where it’s comfortable, what is clear is that they cannot pay what they used to pay, but they may not pay what they are being asked to pay,“ Dr Oduwale added.
Earlier members of the organised private sector emphasised the negative effects the new dues would have on businesses, particularly in a challenging economic climate.
The Director General of The Nigeria Employers’ Consultative Association, Mr Adewale Oyerinde the levies in the amended act contradict the fundamental pillar of this administration’s agenda.
“Even this administration has shown some level of consistency and understanding, the 4% FOB by Customs its the law but the context of now and the kind of growth we want to drive make the 4% by Customs anti the while policy of the government and that is why this levies are worrisome to us.”
Also, the Chairman of the Organised Private Sector, Dele Oye appealed to the government to suspend the implementation of annual dues imposed on public interest enterprises for it to be reviewed in order not to drive investors away from the country.
“All we are saying is there should be a suspension if this law pending when we would come out with a resolution, we are are not in a position to give government directives we are just suggesting that for our existence to avoid future departure we should come up with another law to present to the National Assembly.”
Comments are closed.