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Grant companies 7-year tax break to stimulate investments, MAN urges FG

Grant companies 7-year tax break to stimulate investments, MAN urges FG
September 22
10:46 2017
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Azubuike Okafor, chairman of the Manufacturers Association of Nigeria (MAN) in Anambra, Ebonyi and Enugu, has urged the federal government to grant companies five to seven-year tax break.

He said this will stimulate investments and increase productivity in the economy.

NAN reports that Okafor made this statement during the 29th annual general meeting of the association in Awka on Thursday.

“We call on government to reduce the tax burden levies on genuine manufacturing companies. Company tax should be reduced by giving manufacturers 5-7 year tax break in order to stimulate investment in the manufacturing sector,” he said.

Okafor said the government must provide stable and affordable electricity in the chain-line of production for sustainable growth and development in the sector.

“Aside forex sourcing, the number one other complaint from members is electricity, apart from its unavailability and epileptic supply, the greatest grouse comes from astronomical billings and tariff structure,” he said.

“Though MAN is in court with the DISCOs, a subsisting court injunction covers some MAN members as regards MYTO billing, but DISCOs seem not to heed this injunction as tariff is being increased without recourse to the court order.”

The MAN chairman said the sector was still recovering from the shock of the economic recession, adding that late passage of the national budget was also affecting prediction of the economy by firms.

The manufacturers sought for more collaboration between the private sector players in Anambra, Ebonyi and Enugu states to engender more conducive atmosphere for businesses.

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