Tuesday, September 12, 2006

Nigeria: Export And Tax Waivers

Ordinarily, the plan by the Federal Government to exempt some 33 products from export taxes would have been hailed as a sound economic decision to boost export trade and redirect attention from crude oil as the only foreign exchange earner. But the reality is that waiving export tariffs alone will not jump-start export initiatives among Nigerian entrepreneurs. The government, under the trade initiative tagged "Commerce 33," had announced tax waivers for some 11 solid minerals (iron-ore, coal, zinc, tin); 11 agro-produce (cotton, cassava, cocoa, cashew, gum-arabic, fruits vegetables.) and 11 locally-manufactured items like bottled water, beverage, and soft drinks. The taxes removed include one percent consultancy charge, N25,000 NAFDAC levy for each container, and 11 percent container charges.

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