Nigeria Halts Controversial Expatriate Levy Amid Backlash

-

Following strong opposition, President Bola Tinubu has decided to temporarily halt the implementation of his controversial annual levy, which required companies employing foreign nationals to pay up to $15,000 for directors and $10,000 for other employees. 

Following a meeting in Abuja, the Ministry of Interior declared the delay to allow for stakeholder consultations.


Various organizations strongly opposed the fee, which was intended to reduce the exploitation of expatriate quotas and promote employment possibilities for Nigerians while bridging salary gaps. The government's move to reevaluate the levy's effects on the business sector was welcomed by the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), which cited a commitment to creating an environment that is favorable to both domestic and foreign investors.

Groups like the Nigeria Employers' Consultative Association (Neca) and the Manufacturers Association of Nigeria (Man) raised concerns over the levy's potential negative effects on Nigeria's economy, particularly amidst the country's current economic challenges. Neca labeled the policy as "worrisome," warning of increased unemployment and socio-economic repercussions, while Man criticized it as punitive and detrimental to Nigeria's attractiveness as an investment destination.


With over 150,000 expatriates working in sectors like oil and gas, construction, telecommunications, and hospitality in Nigeria, the levy's suspension reflects a pause in its implementation pending further consultations. President Tinubu acknowledged the country's economic difficulties, including rising prices and inflation driven by currency devaluation, affirming ongoing efforts to bolster Nigeria's financial stability and economic growth.


Comments

Post a Comment

Popular posts from this blog

GJA Calls For Media Blacklist on Yendi MP for Allegedly Assaulting Journalist

-
Image
In response to allegations of assault against Mohammed Aminu M. Alabira, the Northern Regional Correspondent for Citi TV, the Ghana Journalists Association (GJA) has called for a national media boycott of Farouk Aliu Mahama, the Member of Parliament for Yendi. Important industry actors have endorsed the GJA's directive: the Media Foundation for West Africa (MFWA), the Private Newspaper Publishers Association of Ghana (PRINPAG), and the Ghana Independent Broadcasters Association (GIBA). Related To This: Hawa Koomson Threatens to Sue GJA President Over Assault Allegations The coalition asked all media outlets to uphold Farouk Aliu Mahama's blacklisting till further notice during a joint press conference on Tuesday, February 6. The media professionals were put at serious risk due to the MP's purported connections to those who could potentially pose a threat to journalists. The groups emphasized, "All media houses must refrain from providing any coverage, interviews, or a
Read more

Taxes Now Serve as Punishment to Businesses - Mark Badu-Aboagye

-
Image
The Ghana Chamber of Commerce and Industry's CEO, Mark Badu-Aboagye, has expressed grave concerns about the growing burden of direct and indirect taxes placed on the country's enterprises.  During an open discussion on JoyNews' PM Express, Mr. Badu-Aboagye brought attention to the mounting difficulties that businesses are facing in light of rising expenses and financial commitments, especially with regard to tax responsibilities. Related To This: Akufo-Addo's Imposed Tax Policies Will Make The Next President Suffer - Franklin Cudjoe Mr. Badu-Aboagye expressed his dismay and emphasized the unsettling consequences of the existing tax structure, describing it as harsh and onerous for companies aiming for expansion and sustainability.  He underlined, saying, "I believe that rather than helping businesses, our taxes now serve as a punishment to them. This is because they expect you to pay, but we are unable to. They are beating us but they are telling us to keep quiet.&
Read more

Use Emission Tax Funds to Support EPA - Professor Kofi Amegah

-
Image
The University of Cape Coast's renowned environmental and nutritional epidemiology lecturer, Professor Kofi Amegah, has suggested that money from emission levies be used to support environmental protection organizations.  During his February 1 appearance on The Pulse on JoyNews, Professor Amegah emphasized how vital it is to improve the Environmental Protection Agency's (EPA) capacity to efficiently track pollution levels and strengthen environmental conservation measures. Related To This: Implementation of Emissions Levy Act Commences Today Professor Amegah emphasized the need to reallocate a portion of the proceeds from the emission tax in order to relieve the EPA's budgetary constraints, given its limited resources. He highlighted that such support would enable the acquisition of reference-based monitors, which, when installed in urban areas, can furnish essential data vital for formulating effective air pollution control policies. Additionally, the resulting data would
Read more