President Bola Tinubu has signed four Executive Orders one of which is the
suspension of the five per cent 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 briefing journalists at the State House in Abuja.
He stated that 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.
According to the presidential spokesman, this
is to ensure adherence to the 90 days’ 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.
Tinubu also ordered the suspension of the
newly introduced Green Tax by way of Excise Tax on Single-Use Plastics,
including plastic containers and bottles as well as the suspension of Import
Tax Adjustment levy on certain vehicles.
Alake equally 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.
He however reiterated the President’s
commitment to reviewing complaints about multiple taxation, local and
anti-business inhibitions.
He also 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.
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