The Federal Competition and Consumer Protection Commission (FCCPC) says it will take action against members of trade associations who engage in indiscriminate hikes in the prices of basic food items.

Watch Chiamaka Enendu’s discussion with Gladys Amiandamhen, representative of the Market Traders’ Association Of Nigeria (Matan) on this development.

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The rising cost of goods and services in the marketplace has become a cause for concern among traders, with many attributing the price hike to what they perceive as multiple taxation. In a recent report by Business Daily, traders highlighted the challenges they face in running their businesses and how these taxes are impacting their bottom line.

According to the report, traders are facing a myriad of taxes at different levels of the supply chain, including value-added tax, excise duty, withholding tax, among others. This has led to an increase in the cost of doing business, which is being passed on to consumers in the form of higher prices.

Traders argue that these taxes are not only burdening them financially, but also creating a complex and inefficient system that is hindering business growth. In some cases, the same goods are taxed multiple times as they move through the supply chain, leading to double or even triple taxation.

Furthermore, the lack of clarity and transparency in the tax system has also been a major challenge for traders. Many complain of inconsistencies in tax rates and procedures, which not only make it difficult to comply with regulations but also leave room for exploitation and corruption.

In response to these issues, traders are calling for a review of the tax system to simplify and streamline the process. They argue for a more uniform tax regime that is fair and transparent, as well as the reduction of the overall tax burden on businesses.

The government has acknowledged these concerns and has pledged to address them. In a statement to Business Daily, the Ministry of Finance reiterated its commitment to supporting businesses by creating a conducive environment for growth. However, it also emphasized the need for traders to comply with tax regulations to ensure a fair and equitable system for all.

Ultimately, the issue of multiple taxation is a complex and nuanced one that requires a concerted effort from both traders and the government to find a solution. By working together to streamline the tax system and reduce the burden on businesses, it is hoped that prices will stabilize and the economy will thrive.