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Luxury Tax: Should We Embrace It? Luxury tax is a hot topic of discussion in Nigeria. The Nigerian government is proposing a luxury tax to be levied on luxurious goods and services. The primary objective of this tax is to generate revenue for the government and to discourage the use of luxury goods and services. As Asians, we have always been known to have an affinity for luxury goods. The idea of having an expensive watch or bag is seen as a sign of success and status. However, with the concept of luxury tax being introduced, we must ask ourselves if we should embrace it or not. While we may be hesitant about a tax that targets luxury items, we must remember that the revenue generated from this tax will go towards improving the overall welfare of the country. The funds collected will be used to improve infrastructure, healthcare and education, all areas that are in dire need of improvement in our country. Luxury tax is not a new concept. Other countries such as the UK, Russia, and China have implemented it successfully. In fact, it has been proven that the implementation of a luxury tax has not led to a decrease in demand for luxury goods. People who can afford luxury items will continue to do so, but the tax will provide revenue for the government. As we consider the pros and cons of a luxury tax, let us also consider the impact it will have on small businesses. Small businesses that rely on the sale of luxury goods will be hit hard by the tax. The government must ensure that measures are put in place to support these businesses and prevent them from being forced to close down. In conclusion, while the introduction of a luxury tax may be a controversial topic, it is a necessary step towards improving the welfare of the country. As Asians, we must weigh the pros and cons of the tax and come to a decision that is in the best interest of the country. Whether we choose to embrace it or not, we must remember that the funds generated will go towards improving the lives of our fellow citizens. Let us not forget the importance of supporting small businesses during this transition.

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