With the proposed 20 per cent Ad-valorem tax introduction, the collapse of the soft drink market is imminent, the manufacturers argued.
‘‘This will be catastrophic as thousands of jobs will be affected and the ultimate aim of the government in collecting revenue will be completely defeated,’’ they said in a statement.
Some of the operators insisted they would wish to remain anonymous on the matter in the meantime for fear of victimisation.
“Most certainly, the additional 20 per cent will not only kill the sector but result in loss of revenue by the federal government, and a consequential phenomenal loss of jobs by various layers of the Nigerian workforce,’’ the source said in an email exchange.
This sectoral position was laid bare by the Soft Drinks Manufacturers Sub-sector of the MAN, which accounts for 33 per cent of the entire manufacturing sector in Nigeria.
