Thursday, 28 January 2021

B Business

TAX HOLIDAYS: OPS faults IMF’s position

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THE Organised Private Sector, OPS, yesterday, faulted the call on the Federal Government by the International Monetary Fund, IMF, to scrap tax holidays and exemptions given to companies.

 

The Senior Resident Representative and Mission Chief for Nigeria, Africa Department, IMF, Amine Mati, earlier in the week described tax holidays and exemptions as forms of corruption.

He said this while making a presentation at a forum organised by the Chartered Institute of Bankers of Nigeria.

President of Manufacturers Association of Nigeria, Frank Jacobs, opposed IMF’s stand.

Jacobs said IMF is giving such recommendations because they probably don’t understand the need for such incentives.

Looking at the conditions under which manufacturers operate in Nigeria with poor roads, high cost of funds, non-existing rail system and other challenges he says.

Also, Muda Yusuf, Director General, Lagos Chamber of Commerce and Industry, LCCI, disagrees with IMF tax incentives, he adviced that rather than beign scrapped it should be managed in a transparent and equitable manner.

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