Organised Private Sector Battling Over 50 Taxes – NECA Boss

The Director-General of the Nigeria Employers’ Consultative Association (NECA) Mr Adewale Oyerinde, has said that organised businesses are presently faced with over 50 different taxes, levies and fees at all tiers of government, some of which are duplicated.

A statement said while speaking in Abuja, Oyerinde said additional taxes and stringent regulatory environment were threatening the organised private sector.

He added that currently, there were over five different bills at the National Assembly which sought to impose taxes on organised businesses, in addition to the notable taxes and levies which were of general application.

He said organised businesses should not be made to suffer the lack of proper economic planning and political will that have pervaded successive administrations.

The director-general said, “While debt and paucity of revenue are challenges that are acknowledged, organised businesses should not be made to suffer the lack of proper economic planning and political will that have pervaded successive administrations.

“At the last count, organised businesses are presently faced with over 50 different taxes, levies and fees at all tiers of government, some of which are duplicated.

“Currently, at the National Assembly, there are over five different bills, which seek to impose various taxes and levies on organised businesses in addition to the notable taxes and levies which are of general application, such as The National Information Technology Development Levy, Education Tax (or Tertiary Education Tax), National Social Insurance Trust Fund, Company Income Tax, Television and Radio License Fee, Local Content Levy, Stamp duty, among others.