The Nigeria Employers’ Consultative Association (NECA) has warned that any attempt by the Federal Government to increase taxes will lead to negative impacts on households, individuals and businesses.
NECA’s Director-General Adewale-Smatt Oyerinde, in a statement yesterday, said such move would only lead to disaster for an economy struggling to stay afloat.
Oyerinde was reacting to a recent recommendation by the International Monetary Fund (IMF) that the government increase taxes in order to reduce borrowing. The IMF urged the government to reduce its debt by focusing on increasing the tax basket and compliance as a means of generating revenue to cut borrowing.
But Oyerinde said: “For a private sector already overwhelmed by multiple taxes, the imposition of additional taxes on services will make the business community more vulnerable with a trade off on growth and job creation.