Stakeholders in the manufacturing sector have expressed deep concerns over the decision of the federal government to proceed with its planned tax stamp system on excisable products despite its potential negative impacts on the industry.
Industry sources, who spoke with Nairametrics, said the project, which is also referred to as track and trace systems, could undermine the fragile recovery recorded in the industry as it places an additional financial burden directly on manufacturers and indirectly on Nigerian consumers.
Tax stamp system is a regulatory mechanism where governments require a physical, high-security label or digital code to be affixed to excise goods such as alcohol, tobacco, and sugary drinks to prove that taxes have been paid.
