The Nigeria Export Processing Zones Authority (NEPZA) has reassured stakeholders that the proposed tax reform bills will not harm free trade zones in the country. According to NEPZA's Managing Director, Dr. Olufemi Ogunyemi, the tax reform aims to harmonize Nigeria's tax system and is not intended to stifle the Free Trade Zone initiative.
Ogunyemi emphasized that NEPZA is actively working behind the scenes to ensure that any clauses in the tax bills that could erode the incentives for Special Economic Zones (SEZs) are addressed. He also noted that President Bola Ahmed Tinubu is a strong proponent of SEZs and is committed to their full development.
The proposed tax reform bills have been met with resistance from some stakeholders, particularly from the Northern region, who are concerned about certain clauses that may negatively impact the economy. However, NEPZA's assurance is aimed at alleviating these concerns and reassuring stakeholders that the tax reform bills will not harm free trade zones.
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