President Bola Tinubu has signed four Executive Orders, One of them is the Suspension of the 5% Excise Tax on Telecommunication Services, as well as the Excise Duties Escalation on Locally Manufactured Products.
The Special Adviser to the President on Special Duties, Communications and Strategy, Dele Alake, announced this on Thursday while addressing State House Correspondents, at the Presidential Villa Abuja.
He says the President also signed the Finance Act (Effective Date Variation) Order, 2023, which now defers the commencement date of the changes contained in the Act from May 23, 2023, to September 1, 2023.
He says this is to ensure adherence to the 90-day minimum advance notice for tax changes, as contained in the 2017 National Tax Policy.
President Tinubu also signed The Customs, Excise Tariff (Variation) Amendment Order, 2023, shifting the commencement date of the tax changes from March 27, 2023, to August 1, 2023, and also in line with the National Tax Policy.
Alake added that the President ordered the suspension of the newly introduced Green Tax, by way of an Excise Tax on Single-Use Plastics, including plastic containers and bottles.
He added that the President also ordered the suspension of the Import Tax Adjustment levy on certain vehicles.
The Presidential Spokesman explained that the President issued these orders, to ameliorate the negative impacts of the tax adjustments on businesses, and chokehold on households, across affected sectors.
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He however reiterated the President’s commitment to reviewing complaints about multiple taxation, local and anti-business inhibitions.
Alake noted that President Tinubu’s administration will, therefore, continue to give requisite stimulus, by way of friendly policies, to allow businesses to flourish in the country.
The President assured Nigerians that there will not be further tax raise, without robust and wide consultations undertaken, within the context of a coherent fiscal policy framework.
(Editor: Ifeanyi Mark)
