{"id":4711,"date":"2024-10-07T16:44:53","date_gmt":"2024-10-07T15:44:53","guid":{"rendered":"https:\/\/synccapitalng.com\/home\/?p=4711"},"modified":"2024-10-07T20:25:38","modified_gmt":"2024-10-07T19:25:38","slug":"taxes-paid-by-traders-mechanics-rise-by-49-in-2024-amid-economic-challenges","status":"publish","type":"post","link":"https:\/\/synccapitalng.com\/home\/media\/taxes-paid-by-traders-mechanics-rise-by-49-in-2024-amid-economic-challenges\/","title":{"rendered":"Taxes paid by traders, mechanics rise by 49% in 2024 amid economic challenges"},"content":{"rendered":"

Credit to Nairametrics<\/strong><\/p>\n

Taxes paid by Nigerians involved in the wholesale and retail trade, as well as the repair of motor vehicles and motorcycles, surged by 49% in the first six months of 2024 compared to the same period last year.<\/p>\n

This is according to data from the tax reports of the National Bureau of Statistics (NBS).<\/p>\n

Based on the data released by the NBS, this leap in tax revenue is the result of hikes in both Value Added Tax (VAT) and Company Income Tax (CIT) receipts.<\/p>\n

He further emphasized that the bank must remain focused on its core mandate of ensuring price stability, rather than being swayed by political and economic pressures.<\/p>\n

\u201cOur decision to raise the Monetary Policy Rate (MPR) to 27.25% was a bold move. Higher interest rates, while painful for borrowers, are necessary to curb excess money in circulation and control inflation.\u00a0<\/em><\/p>\n

\u201cLeadership is about making hard choices to secure long-term stability over short-term comfort in moments like these\u00a0<\/em><\/p>\n

\u201cLeading through challenging times means avoiding the temptation to take on too many initiatives. The Central Bank must focus on its core mandate\u2014price stability. It is easy to become distracted by various political and economic pressures, but as a leader, one must prioritise,\u201d Cardoso said.\u00a0<\/em><\/p>\n

Building back trust in CBN\u00a0<\/strong><\/h4>\n