MAN Warns FG Tax Stamp Plan Could Worsen Inflation, Threaten Competitiveness
The Manufacturers Association of Nigeria (MAN) has cautioned the Federal Government about the potential negative impact of introducing a Tax Stamp System on excisable goods. MAN believes this move could exacerbate inflation, reduce consumer demand, and harm Nigeria's competitiveness within the African Continental Free Trade Area (AfCFTA).
The association highlighted that the additional compliance costs associated with the tax stamp system would likely be passed on to consumers, making locally manufactured products less competitive compared to imports. MAN emphasized that this measure could contradict the government's efforts to modernize tax administration in Nigeria.
The association suggested leveraging existing digital platforms for transparency and traceability in excise operations.
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