Tax Stamp roll-out can worsen inflation — Group
THE beer industry has thrown its weight behind the Manufacturers Association of Nigeria, MAN, urging the Federal Government to rescind the proposal to introduce tax stamps. The industry urged the Federal Government to sustain existing home-grown digital systems that deliver full visibility of excise operations and reject the proposal to introduce tax stamps which has unintended consequences on the productivity of the industry and revenue generation. The Executive Director of the Beer Sectoral Group of MAN, Abiola Laseinde, in a statement stated that the tax stamps will be counterproductive, warning that the system presents operational challenges and financial risks that could undermine the fragile recovery of the manufacturing industry and the Nigerian economy. Laseinde said: “The tax stamps system is largely inefficient, causing production slowdowns, distribution delays, product stock-outs, and high compliance costs. Industry is concerned that this proposal is coming at a time wh...