The Nigeria Employers’ Consultative Association, NECA has lauded the Finance Bill, which was signed into law by President Buhari, saying the Act had led to an increment to 7.5 per cent of Value Added Tax, VAT.
The Association’s Director-General, Timothy Olawale, who made the commendation in a statement in Lagos, noted that the President meant well for the country as evidenced in some pro-masses provisions in the Law and the objectives behind the new Law.
He said that reforming domestic tax laws to align with global best practices, introducing tax incentives for investments in infrastructure and capital markets, and supporting Micro, Small and Medium-sized businesses, in line with our Ease-of-Doing-Business Reforms, were positives of the new Act.
He, however, urged government not to see the private sector as a cash cow in its drive to raise revenue.
Olawale explained that doing so would do more harm to the already burdened private sector and further impoverish citizens, whom the President promised to take out of poverty.
