COVID-19Stakeholders call for Value Added Tax suspension

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By: Abdurazaq Auwal Mungadi, Gombe
As governments of the world continue to release stimulus plans to cushion the effect of COVID -19 on ITS citizenry, stakeholders have called on the Federal Government to take a cue and suspend Value Added Tax VAT, make electricity available and free for citizens within the period of the crisis.
They are of the view that suspension of VAT, reduction of fuel price, availability of electricity and free for citizens, and free transportation, will go a long way to relieve the burden because of the direct impact they have on every Nigerian.
According to the People’s Democratic Party PDPgroup in the House of Representatives, the Federal Government should stop VAT on goods and services and further reduce pump price of fuel to be at par with the reduction in crude oil price.
President of the Lagos Chamber of Commerce and Industry Mrs. Toki Mabogunje, believed that there is the need for the Federal Government to invoke appropriate executive orders on import duties and tax waivers for medical equipment, pharmaceutical products, food processing, raw materials, intermediate products and other essential items to boost the essential critical sectors of the economy to produce massively for the populace.
President of Manufacturers Association of Nigeria Mansur Ahmed, referred to the fact that government should consider the introduction of fiscal measures such as waivers on import duties on Active Pharmaceutical Ingredients and other essential products.
On his part, the President of the Pharmaceutical Society of Nigeria Mr. Sam Ohuabunwa, said he is in support of anything that will relieve Nigerians of their burdens.

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