Four executive orders have been signed by President Bola Tinubu, one of which suspends the 5% Excise Tax on Telecommunication Services and the Excise Duty Escalation on Locally Made Goods.
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, according to Dele Alake, Special Adviser to the President on Special Duties, Communications, and Strategy, who made this announcement on Thursday while briefing journalists at the State House in Abuja.
The presidential spokesman claims that this is done to ensure that the 2017 National Tax Act’s need for 90 days’ advance notice for tax changes is followed.
In accordance with the National Tax Policy, President Tinubu also signed The Customs, Excise Tariff (Variation) Amendment Order, 2023, delaying the start of the tax revisions from March 27, 2023, to August 1, 2023.
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Additionally, Tinubu ordered the suspension of the Import Tax Adjustment Levy on specific automobiles as well as the recently implemented Green Tax via Excise Tax on Single-Use Plastics, including plastic bottles and containers.
The President made these instructions, according to Alake, in an effort to lessen the detrimental effects of the tax modifications on enterprises and the stranglehold they had on households in all affected sectors.
He did, however, underline the President’s commitment to looking into complaints about excessive local, state, and federal taxes.
He added that the administration of President Tinubu will continue to provide the necessary stimulus through friendly policies to enable businesses to thrive in the nation while assuring Nigerians that there won’t be any additional tax increases without thorough and extensive consultations carried out within the context of a coherent fiscal policy framework.
