President Bola Tinubu has accented to an Executive order setting aside the five per cent Excise Tax on telecommunication services, including the Excise Duties escalation on locally manufactured products.
This development was made known by Tinubu’s spokesman, Dele Alake, during a press briefing at the State House in Abuja on Thursday.
The President also signed the Finance Act (Effective Date Variation) Order, 2023, which postpones the implementation date of the changes outlined in the Act from May 23, 2023, to September 1, 2023, according to Alake.
Alake alluded the changes to ensure adherence to the 90 days minimum advance notice for tax changes as espouse in the 2017 National Tax Policy.
Furthermore, he said the President has signed the Customs, Excise Tariff (Variation) Amendment Order, 2023, which moves the start date of the tax changes from Monday, March 27, to Tuesday, August 1, 2023, in accordance with the National Tax Policy.
The president also directed that the Green Tax , which was recently introduced be suspended. The Green Tax which is in the form of Excise Tax on Single-Use Plastics, including plastic containers and bottles. He also ordered the suspension of the Import Tax Adjustment levy on certain vehicles, according to the presidential spokesman.
The presidential spokesperson also gave reasons for the issuance of these suspensions which is to cushion the negative effects of tax on businesses across key sectors of the economy.
He further affirmed President Tinubu’s determination to reviewing complaints about multiple taxation, local and anti-business inhibitions.
According to him, he said President Tinubu’s administration will continue to add value to the economy by providing requisite catalyst through the introduction of human-face policies that supports the growth of businesses Nigeria.
According to him, President Tinubu has assured Nigerians that there will be no further tax increases unless robust and wide consultations are conducted within the context of a coherent fiscal policy framework.
