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.
This was stated by the Special Adviser on Special Duties, Communications and Strategy, Dele Alake on Thursday while briefing journalists at the State House in Abuja.
Alake said “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”. This is to ensure adherence to the 90 days’ minimum advance notice for tax changes as contained in the 2017 National Tax Policy.
Also, the Customs, Excise Tariff (Variation) Amendment Order, 2023 was signed, 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.
The President 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 however reiterated the President’s commitment to reviewing complaints about multiple taxation, local and anti-business inhibitions, noting that the present administration will 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.
