FG Suspends Implementation Of Another Tax Regime Following Backlash
The Federal Government has suspended the collection of cumulative annual charges on non-listed entities in line with the provisions of the Financial Reporting Council (Amendment) Act 2023.
The suspension followed protests by the organised private sector, particularly the Nigeria Employers’ Consultative Association (NECA) and Manufacturers Association of Nigeria (MAN).
At a meeting on Wednesday in Abuja with stakeholders on the matter, Minister of Industry, Trade, and Investment, Jumoke Oduwole, said the collection of the new charges will be suspended for 60 days to iron out areas of concern.
The meeting was attended by industry stakeholders such as NECA, MAN, Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture, Oil Producers Trade Section and Association of Licensed Telecommunications Operators of Nigeria, among others.
They all said that the new charges will have negative effects on their businesses, in view of the very challenging business environment in the country.
“The government has decided to direct the Financial Reporting Council to pause in the implementation of the new annual dues. You know that I am a lawyer, and a suspension request by the organised private sector would be in contravention of legislation duly passed by the National Assembly. A pause is an administrative process simply to review, in line with what we discussed today.”
The minister, therefore, said that the suspension would not exceed 60 days, within which a technical committee will review the concerns raised by the organised private sector.
“We are a listening administration. The private sector has requested a range from three months to an indefinite suspension. We are not going to do that. So, at the most, 60 days is in my estimate.
“We are going to set up a technical working group comprised of the FRC and the organised private sector who have formally written in, and this will be reviewed,” Oduwole said.
