Proposed Tax Reform Bills Won’t Destroy Free Trade Zones, NEPZA Assures Operators
The Managing Director of the Nigeria Export Processing Zones Authority (NEPZA) Dr Olufemi Ogunyemi, has assured operators of the Free Trade Zones that the Federal Government was only poised to boost the global competitiveness of the scheme and not “annihilate’’ it as held in some quarters.
Ogunyemi, also the Chief Executive Officer of the agency made the remarks at the 3rd Nigeria Economic Zones Association meeting.
The managing director explained that the mandate of the scheme that aimed to fast-track industrialisation, non-oil trade, employment generation, export among others was too precious for the government to now circumvent.
Olufemi said the Authority remains a product of law of the parliament positioned to drive economic growth through the Free Trade Zones scheme in line with global best practice.
The stakeholders have since the introduction of the proposed Tax Reform Bills 2024 raised concerns over its likelihood of destroying the scheme.
Ogunyemi, however, said that the new tax policy was not completely bad, adding that the stakeholders should attend the public hearing on the bills to canvass their positions.
He explained that the proposed tax bills were aimed at harmonizing the country’s tax system, stating that they were not constructed to destroy the scheme.
“We are working behind the scene to ensure that genuine concerns of the stakeholders with regards to clauses that tended to have placated the scheme’s incentives are expunged in the interest of all.
“It is a public knowledge that His Excellency, President Bola Ahmed Tinubu remains the chief promoter of the SEZ scheme and therefore, he is committed to nurturing it to full maturity’’, Ogunyemi said.
The NEPZA boss also said the association’s annual gathering highlighted stakeholders’ shared commitment to advancing the prosperity of Nigeria through the efficient operation and strategic utilization of our Special Economic Zones.
“The country’s economy is navigating challenging times that demand innovative thinking and strategic tools. The Renewed Hope Agenda of President Bola Ahmed Tinubu has laid out a robust framework to guide our economy toward revival through the 8 presidential priorities.
“ SEZs are positioned as a pivotal economic instrument to expedite the realization of 5 of these priorities, which are food security, poverty eradication, economic growth and job creation, inclusivity, and indirectly, security,’’ he said.
According to him, enhanced collaboration between government agencies is key to improving SEZ operations and delivering world-class services.
Proposed Tax Reform Bills Won’t Destroy Free Trade Zones, NEPZA Assures Operators is first published on The Whistler Newspaper