This is part of four Executive Orders Tinubu signed into law on Thursday to curb arbitrary taxation policy in the country,
President Bola Ahmed Tinubu has suspended the five percent Excise Tax on telecommunication services as well as the Excise Duties escalation on locally manufactured products as done by former president Muhammadu Buhari.
This is part of four Executive Orders Tinubu signed into law on Thursday to curb arbitrary taxation policy in the country,
This was contained in a discussion on Thursday between the Special Adviser, Special Duties, Communication and Strategy, to the President, Dele Alake, and State House Correspondents during an interactive session.
Among the Executive Orders signed into law by the President, includes the Finance Act (Effective Date Variation) Order, 2023, has now deferred 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.
The second Order involves the Customs, Excise Tariff (Variation) Amendment Order, 2023.
According to Alake, this has shifted the commencement date of the tax changes from March 27, 2023 to August 1, 2023 and also in line with the National Tax Policy.
“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 households across affected sectors.
“His Excellency will not exacerbate the plight of Nigerians,” Alake stated.