President Bola Tinubu has taken significant steps to alleviate the burden of taxes on businesses and households by signing four executive orders.
One of these orders suspends the five percent excise tax on telecommunication services, as well as the escalation of excise duties on locally manufactured products.
The announcement was made by Dele Alake, the Special Adviser to the President on Special Duties, Communications, and Strategy, during a press briefing at the State House in Abuja on Thursday.
In addition to the tax suspensions, President Tinubu also signed the Finance Act (Effective Date Variation) Order, 2023. This order defers the implementation of changes outlined in the Act, originally scheduled for May 23, 2023, to September 1, 2023.
The decision to delay the commencement date was made to comply with the 90-day advance notice requirement for tax changes outlined in the 2017 National Tax Policy.
Furthermore, President Tinubu signed The Customs, Excise Tariff (Variation) Amendment Order, 2023, which shifts the start date for tax changes from March 27, 2023, to August 1, 2023. This change aligns with the provisions of the National Tax Policy.
In a move to address environmental concerns, President Tinubu ordered the suspension of the newly introduced Green Tax, which imposed excise tax on single-use plastics such as containers and bottles.
Additionally, the import tax adjustment levy on certain vehicles has also been suspended.
Alake, the presidential spokesperson, clarified that these orders were issued to alleviate the adverse effects of tax adjustments on businesses and households in the affected sectors.
He reiterated the President’s commitment to addressing concerns related to multiple taxation and anti-business regulations.
Furthermore, Alake emphasized that President Tinubu’s administration remains dedicated to implementing business-friendly policies to support the growth of enterprises within the country.
The President reassured Nigerians that any future tax increases would only occur after extensive consultations within the framework of a comprehensive fiscal policy.
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