President Bola Tinubu has signed an executive order to suspend the 5% Excise Tax on telecommunication services as well as the Excise Duties escalation on locally manufactured products.
The announcement of the order was made by Tinubu’s spokesman, Dele Alake, at a press briefing at the State House in Abuja on Thursday. He also disclosed at the briefing that President Bola Tinubu also signed the Finance Act order, 2023, which postpones the implementation date of the changes outlined in the Act from May 23, 2023, to September 1, 2023.
President Tinubu’s spokesman, Dele Alake also highlighted that this announcement was in adherence to the 90 days minimum advance notice for tax changes stated in the 2017 National Tax Policy.
He added that President Tinubu also signed the Customs, Excise Tariff Amendment Order, which moves the start date of the tax changes from Monday, March 27, to Tuesday, August 1, 2023, in accordance with National Tax Policy.
President Tinubu also signed the order for the suspension of the newly introduced Green Tax which implies Excise Tax on Single-Use Plastics which include plastic containers and bottles. He also suspended the Import Tax Adjustment Levy on certain vehicles.
Mr. Alake also disclosed that the president issued these orders to improve the negative effects of the tax adjustments which have been placed on businesses and have affected Nigerian households across many sectors.
He maintained that President Tinubu is committed to reviewing feedback made concerning multiple taxations, including local and anti-business hindrances. While adding that the president’s administration will continue to provide the required stimulus in the form of friendly policies to alleviate the tax burden and help businesses flourish in the country.
President Tinubu has assured Nigerians that there will be no further tax increases until proper and necessary consultations have been conducted which would be within the context of a coherent fiscal policy framework.
By George Martins
