businesses and traders may be taking advantage of the newly introduced tax law

[wisdom01]

Some businesses and traders may be taking advantage of the newly introduced tax laws to arbitrarily increase the prices of goods and services in different parts of the country, Saturday PUNCH findings have shown.

Since the commencement of the new tax laws in January, the Federal Government has maintained that the laws would reduce certain taxes and stimulate growth without short-term revenue increases.

 

[gwolf666]

For me, what's happening with the new tax laws reflects a classic tension between government intentions and market reaction. Although officially these measures aim to reduce certain taxes and stimulate growth, in practice some businesses seem to be taking advantage of the confusion to raise prices arbitrarily. Personally, I believe this behavior erodes consumer confidence and has the opposite effect to what was intended: instead of boosting the economy, it increases the perception of instability. Interestingly, the laws don't necessarily imply immediate increases in government revenue, but they should alleviate the burden on citizens. For me, the most important thing is that oversight and transparency will be key for these reforms to achieve their purpose. Ultimately, I think that without control, the benefits of fiscal policy can be lost to market abuses.

 

[eLdavis]

Am not even surprised about this cause this is Nigeria, and a move like this was highly expected to happen.