Operators Fume Over Govt's Proposed 20% Tax On Non-Alcoholic Drinks leadershipNGA: Nigeria
The sectoral group players rising from a meeting on Thursday 17th November 2022 in Lagos, posited that, such a move will spell doom for the sector as the effect of the prevailing N10 per litre tax regime is already crippling the sector with its biting effects on their businesses.
This excludes the cost of write-offs of products produced, excised but not sold. This, coupled with the proposed 20 per cent Ad-valorem tax introduction, operators said, will collapse the soft drink market that is already struggling. "Most certainly, the additional 20 per cent will not only kill the sector but result in the loss of revenue by the federal government, and a consequential phenomenal loss of jobs by various layers of the Nigerian workforce," the operators said in a position paper released at the end of the meeting.
It should be noted that the soft drinks manufacturers accounts for 33 per cent of the entire manufacturing sector in the country.
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