Dike Onwuamaeze
Amid the federal government’s proposed tax reforms targeting tax imposition on Free Trade Zones (FTZs), the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), has sounded the alarm, warning that the decision could drive away over $200 billion in foreign direct investments (FDI) from the country, and jeopardise more than 600,000 jobs.
The contentious provisions, outlined in the Nigeria Tax Bill 2024, seek to introduce minimum tax rates and remove long-standing tax exemptions for businesses operating within FTZs, a move seen as contradicting Nigeria’s industrialisation and investment objectives.