LCCI reiterates calls for concessionary tax rate, harmonisation of regulations
The Lagos Chamber of Commerce and Industry has reiterated the need for the Federal Government to provide concessionary tax rate for the Small and Medium Enterprise sector of the economy.According to the Chamber, small businesses are more vulnerable to the current challenges in the economy, hence the high mortality rate.
Besides, the LCCI, proper coordination between regulatory institutions and anti-graft agencies in dealing with suspected regulatory infractions to avoid duplication of investigative actions.
In a communiqué issued and signed by the Chamber’s Director-General, Muda Yusuf, at the end of its council meeting, the LCCI also expressed concerns about the persistent delays in the issuance of the Pre-Arrival Assessment Report to importers by the Nigeria Customs Service.It said the situation contributed to cost escalation for many businesses, payment of avoidable demurrage and high interest cost on borrowed funds.
“The protracted delays in the issuance of PAAR negate the policy of the government on ease of doing business. The LCCI, therefore, calls on the Comptroller General of the NCS, to urgently intervene”, he added.The investigating activities of anti-graft agencies and regulatory institutions regarding alleged infractions by corporate organisations also occupied the attention of the chamber.
It admonished that such investigation, as much as possible, be conducted in a discreet manner devoid of any form of media hype.“This is necessary to avoid unwarranted reputational damage and erosion of investors’ confidence,” it said.
The LCCI added, however, that, “This position does not diminish the significance of compliance by corporate organisations with extant laws and the imperative of proportional sanctions for proven cases of infringements of the law.“The meeting also expressed concern over reports of interception of containers on the highways by the Standards Organisation of Nigeria (SON).
“The LCCI is of the view that where there are outstanding charges to be paid to SON, or where there are issues about SONCAP compliance, such matters should be dealt with before the container leaves the port. It is unprofessional for the operatives of SON to be intercepting containers on the highways on account of some fees or charges that have not been settled by importers”.
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