Amidst the Covid-19 pandemic, the Chamber of Commerce and Industry (LCCI) has suggested a one-year tax break for certain businesses. This was stated by the Chamber’s President Toki Mabogunje, at a press briefing held earlier today. She said that this will help businesses in sailing through the period of the pandemic and also maintain their workforce.
LCCI proposed a year tax break for healthcare & pharmaceutical companies, airlines, manufacturers, agro processors and SMEs. In addition, the Chamber has also called for the suspension of the implementation of the 7.5% Value Added Tax and the suspension of PAYE for the next six months.
The Chamber emphasized that the compulsory lockdown due to the pandemic is forcing businesses to plan cut in salaries or downsizing.
The President whilst calling on the Government to focus on the completion of critical infrastructure projects across the country, said there is a need for policy makers and players in the private sector to come together to save the economy from a possible collapse.