The Manufacturers CEOs Confidence Index (MCCI), a quarterly survey conducted by the Manufacturers Association of Nigeria (MAN) to measure the pulse of the manufacturing sector.
The survey report indicated that the Multiple Taxes/Levies shows that majority of the CEOs interviewed, 92 percent agreed that multiple taxes and levies depresses production in the manufacturing sector which was substantially by the numerous taxes, levies, fees and other charges that manufacturers pay to Agencies of the Federal, State and Local Governments. The result reemphasized the need to address this menace by harmonizing the observed multiplicity of taxes and ensuring that only approved taxes/levies/fees are charged.
According to report, the MCCI First Quarter 2019’s the maiden edition that took into account manufacturers’ perception on a set of diffusion factors which include: Current Business Condition, Business Condition for the next three months, Current Employment Condition, Rate of Employment, and Employment Condition for the next three months and Production Level for the next three months. It also considered the general macroeconomic condition (Foreign Exchange, Lending Rate, and Credit to the manufacturing sector and Capital Expenditure of the Government) and the business operating environment (Over-regulation, Multiple taxes/levies, Access to sea ports, Local raw-material sourcing and Government patronage of Nigerian manufactured goods) in the analysis).
The report covers all Chief Executive Officers (CEOs) of MAN member-companies across the six geo-political zones of the country and the ten Sectoral Groups of the Association. The information provided by these respondents was utilized without making any reference to specific companies. The result of the MCCI is therefore critical to strengthening the advocacy mandates of the Association it was added.