President Bola Tinubu has signed four different Executive Orders which include the suspension of the five per cent Excise Tax on telecommunication services as well as the Excise Duties escalation on locally manufactured products; Suspension of the newly introduced Green tax and the suspension of Import tax adjustment levy on some vehicles.
The other executive order is the deferment of the 2023 Finance Act signed by the former president, Muhammed Buhari, which is now slated to commence September 1, 2023 as against initial due date of May 23, 2023. Also deferred is the Customs, Excise Tariff Order to commence on August 1, 2023 as against initial due date of March 27, 2023.
This was made known by the Special Adviser to the President on Special Duties, Communications and Strategy, Dele Alake, while briefing journalists at the State House in Abuja on Thursday.
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Mr Alake noted that the effective date variation in the finance act as well as the customs, excise tariff act is to ensure adherence to the 90 days’ minimum advance notice for tax changes as contained in the 2017 National Tax Policy.
According to the President’s Spokesman, the President has issued these orders to cushion the negative impacts of the tax adjustments on businesses and households across affected sectors. He gave the following remarks:
“The President has 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.
“Further to his commitment to creating a business-friendly environment, the President has ordered the suspension of the newly introduced Green Tax by way of Excise Tax on Single Use Plastics, including plastic containers and bottles.
“In addition, the President has ordered the suspension of Import Tax Adjustment levy on certain vehicles.
“As a listening leader, the President issued these orders to ameliorate the negative impacts of the tax adjustments on businesses and chokehold on households across affected sectors.
“His Excellency will not exacerbate the plight of Nigerians.”
Alake reiterated the President’s commitment to reviewing complaints about multiple taxation, local and anti-business inhibitions. He also noted that the Tinubu-led administration will continue to promote an enabling environment through friendly policies that would allow businesses to flourish in the country.