Economic Boost: LCCI Supports New-Tax Policy And Duty-Free Drug Imports (View Details)

Economic Boost: LCCI Supports New-Tax Policy And Duty-Free Drug Imports (View Details)

Lagos Chamber of Commerce and Industry (LCCI) has described the new tax policy and the removal of import duty from drug raw materials as good economic policies from President Bola Tinubu-led administration.

Director General of LCCI, Dr. Chinyere Almona, said the two policies would help in the growth of the economy and address challenges in the two sectors affected by heavy taxation and high cost of pharmaceutical products.

Mrs Almona said too much tax on small scale businesses had been affecting the country’s economy. She said with the new tax policy and Executive Order on removal of import duty on drugs raw materials signed by President Tinubu on June 28, the two sectors would experience economic and Gross Domestic Product (GDP) growth.

“We acknowledge and commend the government’s implementation of some recommendations by other committees, such as the Presidential Committee on Fiscal Policy and Tax Reforms. Recent executive orders that have offered relief through tax exemption, zero tariffs, excise duties, and Value-Added Tax waivers which are bold steps in the right direction,” the Nation quoted.

LCCI DG further called on the Presidential Economic Coordinating Committee to effect policies that would reverse the economy and improve growth.

Commending the inclusion of private sector players like Aliko Dangote, and Tony Elumelu, LLCI DG called for actionable plan and policies that would create jobs and reduce inflation in the country.

She said the economic committee must promote policies that would revitalize industry, and create a favourable environment for job creation. She called for policies that would promote ease of doing business and attract foreign direct investments.