NADDC Advocates Tax Waiver for Local Vehicle Makers
The National Automotive Design and Development Council (NADDC) has urged for a tax waiver for local vehicle manufacturers who import raw materials, aiming to enhance their competitiveness against imported vehicles. This appeal was made during an oversight visit led by the Director General, Otunba Joseph Oluwemimo Osanipin, and the Chairman of the Board, Chief Emma Eneukwu, to Innoson Vehicle Manufacturing (IVM) and Kojo Motors in Anambra State.
The NADDC officials expressed satisfaction with the innovation in clean energy vehicles, such as Electric Vehicles (EV) and Compressed Natural Gas (CNG) vehicles, produced by these companies. However, they acknowledged complaints regarding high tariffs on imported raw materials, which inflate vehicle prices and hinder competitiveness against fully built imported vehicles that enjoy tax exemptions.
Osanipin confirmed that the council would advocate for zero duty on raw material imports to support local manufacturers. Chief Emma Eneukwu also suggested imposing heavy taxes on fully built vehicle imports to promote local production and affordability.
Plus234Feed summary based on reporting from This Day. Read the original report below.
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