The Business and Hotelier Stakeholders’ Forum (BHSF) in Edo State has expressed concerns over the recent increase and implementation of the consumer tax, describing it as a “devastating blow” to businesses already struggling to stay afloat.
The group has however appealed to Governor Monday Okpebholo to consider possible suspension of implementation of the consumer tax in view of current harsh economic realities which have greatly affected the purchasing power of the people.
In a press release by it’s Chairman and Secretary Chief Dr. Omogiade Edokpolo, Dr. Osado Tabusite respectively, the group argued that the tax would exacerbate the existing economic challenges facing the state, where businesses are already struggling to maintain their customer base amidst rising operational costs.
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“The consumer tax is a double-edged sword that will not only compound the financial burden on businesses and consumers but also undermine the competitiveness of Edo State in the regional market,” the group warned.
“We appeal to Governor Okpebholo to use his good office to scrap the consumer tax, which is not only unjust but also unsustainable in the current economic climate.”
The BHSF also called on the state government to engage in constructive dialogue with business leaders and stakeholders to explore alternative revenue generation strategies that would not stifle economic growth.
By rescinding the consumer tax, the group believed that the state government can create a more conducive business environment, attract investments, and stimulate economic growth.
The BHSF said their appeal has been backed by various business groups and associations in the state, who are also calling for a review of the tax policy to ensure that it does not harm the economy of the state.
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