MAN Engages Presidential Tax Reform Committee on New Fiscal Laws

Stakeholders review gains, concerns as new tax reforms aim to ease burden on manufacturers

Funmi Adewoju SuleoduJanuary 20, 20261 Mins read

The Manufacturers Association of Nigeria (MAN) has hosted a hybrid stakeholder engagement with the Presidential Committee on Fiscal Policy and Tax Reforms, examining the impact of newly introduced tax laws on the manufacturing sector.

The session underscored key benefits of the reforms, which are designed to reduce tax burdens, simplify compliance and support industrial growth.

Key benefits for manufacturers include:
Harmonisation: Elimination of multiple taxes to streamline operations.

Incentives: Expanded input VAT credits and enhanced incentives for priority sectors
Efficiency: Increased use of technology and automation to modernise tax compliance, including removal of onerous requirements such as certificates of acceptance for fixed assets as a condition for capital allowance
Equity and fairness: Rationalisation of distortionary incentives and higher tax exemption thresholds for small businesses

Business growth: Removal of withholding tax on manufacturers and turnover tax, improving cash flow and preventing taxation of capital
Taxpayer protection: Establishment of a Tax Ombud Office to safeguard taxpayer rights and curb harassment

Participants also identified areas requiring further clarification and action, notably high import tariffs on select raw materials, tax treatment and exemptions for exports, and the need for faster adoption of tax harmonisation laws by states to address multiple taxation by state and non-state actors.

The engagement concluded with an interactive question-and-answer session between industry players and the reform committee.

Author

Funmi Adewoju Suleodu

Olufunmilayo Adewoju Suleodu is a veteran journalist, editor, and publisher with more than three decades of experience in journalism, communications, and public affairs.

She has worked across news media, magazine publishing, communications, development-sector engagements, and digital journalism. She currently publishes SageBits Online and reports on governance, development, business, education, traditional institutions, and public affairs.

She is also an elected officer of the Nigeria Union of Journalists (NUJ), Ogun East Independent Chapel, reflecting her continued engagement with the journalism profession and media development.

Based in Ogun State, she is available for freelance reporting, feature writing, editorial assignments, research, project documentation, and development communications work.

Detailed professional history and references are available upon request.

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Written by

Funmi Adewoju Suleodu

Olufunmilayo Adewoju Suleodu is a veteran journalist, editor, and publisher with more than three decades of experience in journalism, communications, and public affairs. She has worked across news media, magazine publishing, communications, development-sector engagements, and digital journalism. She currently publishes SageBits Online and reports on governance, development, business, education, traditional institutions, and public affairs. She is also an elected officer of the Nigeria Union of Journalists (NUJ), Ogun East Independent Chapel, reflecting her continued engagement with the journalism profession and media development. Based in Ogun State, she is available for freelance reporting, feature writing, editorial assignments, research, project documentation, and development communications work. Detailed professional history and references are available upon request.