In a bid to reduce arbitrary taxation policy in Nigeria, President Bola Ahmed Tinubu has signed four Executive Orders into law today, Thursday, July 6, 2023.
INFORMATION NIGERIA reports that Tinubu approved the suspension of five percent Excise Tax on telecommunication services in Nigeria.
It was gathered that the President also approved the suspension of Excise Duties escalation on locally manufactured products in the country.
The development was confirmed in a statement issued by the President’s Special Adviser, Special Duties, Communication and Strategy, Dele Alake.
The Executive Orders signed into law by Tinubu today include the Finance Act (Effective Date Variation) Order, 2023. This, according to the statement, has now deferred the commencement date of the changes contained in the Act from May 23, 2023, to September 1, 2023.
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According to Alake, 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, Alake revealed in the policy directive unveiled during an interactive session with State House Correspondents on Thursday.
He noted that this had 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.
He said President Tinubu had given an Order suspending the 5% Excise Tax on telecommunication services as well as the Excise Duties escalation on locally manufactured products.
“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,” the statement added.
