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Multiple Taxation Cripple Industries -UNIDO By Crusoe Osagie Country Representative of the United Nations Industrial Development Organisation (UNIDO) Dr. David Tommy, has said the multiple informal and irregular taxes, which industrialists are saddled with in Nigeria are the major bane of industrial development in the country. Tommy who spoke on the topic 'Imperatives of Industrial Reforms in Nigeria' at the Second Quarterly Seminar of the Lagos Chamber of Commerce and Industry (LCCI) Industrial Group in Lagos said that it was imperative for businesses operating in Nigeria to pay taxes to the government but stated that the proliferation of informal taxes typical of the Nigerian businness environment certainly stalls industrial development in the country. He called on the government to make efforts to regularise the taxation system in the country stating that this will help the industrialiststo know precisely the cost that they will be incuring and the margins they should expect as they carry out their businesses. He however, expressed hope in the future of the countries economy stating that from the beginning of the present civilian administration in 1999, there has been a sincere demonstration of the political will to position the nation on the path of sustainable development. He also hailed the NEEDS doccument stating that it was in line with the genuine efforts being made by the government to reposition the Nigerian economy on the path of sustainable growth and development. "At the top of its major policy thrust and target,the NEEDS document envisaged the sustenance of a high but broad based non- oil GDP growth rate, consistent with poverty reduction and employment generation," he said. According to him, the NEEDS has as part of its core component to alter the strategy of industrial development,to make it less import dependent, more local resource based and particularly focused on Small and Medium scale Enterprises SMEs development. Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

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