Double taxation on feed raw materials affecting fish price — Association
The Catfish and Allied Fish Farmers Association of Nigeria (CAFAN) on Thursday said that double taxation on raw materials for fish feed production was affecting the overall market price of the commodity.
The National President of CAFAN, Mr Rotimi Oloye, told the News Agency of Nigeria (NAN) in Lagos that there was need for the Federal Government to urgently look into that area of concern.
Oloye said that members of the association, who wished to produce cheap but quality fish, however, were limited by the issue of taxation.
“The biggest challenge to produce cheaper and quality fish is the tax imposed on imported raw materials like maize, soya beans and other additives.
“Government needs to address this because when these products are imported, taxes are paid on them.
“Then, when we want to produce the feed locally, another government agency will ask for value addition tax.
“To us, that is double taxation; and by this, there is no way the consumer will not have an overwhelming effect on the cost of the product, in the market,’’ he said.
Oloye said that since there was massive reduction in fish importation due to the exchange rates, government should urgently ensure that cheap fish was made available to Nigerians.
He said that there was an urgent need to boost local fish production by reducing the N28 billion spent on fish importation.