Distillers and Blenders Association of Nigeria (DIBAN), a Sub-Sectoral Group of Manufacturers Association of Nigeria (MAN), has raised the alarm over the threat to its N420 billion investment due to the recent proposal to increase excise duties.
The group, in an open letter to President Muhammadu Buhari, said the proposal by the Federal Government for an upward review of excise duties, levies/tax on locally produced wines and spirits will equally threaten 10,000 and 15,000 direct and indirect jobs respectively.
Its chairman, Mr. Patrick Anegbe, said its products are not luxury items and are consumed largely by the low end and mainstream, warning that any huge adjustment in products occasioned by high excise duty will lead to low demand and workers’ layoff.
He disclosed that the estimated contribution of BIDAN in corporate tax and Value Added Tax (VAT) is approximately N60 billion per annum.
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