The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture and the Organised Private Sector of Nigeria have formally opposed the proposed taxation of Free Trade Zones as outlined in the Nigeria Tax Bill 2024.
In a memorandum submitted to the National Assembly, these groups argue that introducing mandatory minimum tax rates and removing existing tax exemptions for FTZs could lead to significant negative consequences, including capital flight, job losses, and legal disputes that may destabilize the nation’s economy.
This follows the Kano State government challenge on the constitutionality of certain provisions in the proposed tax reform bills, particularly those granting the federal government extensive control over state and local tax authorities.