President Bola Tinubu has taken decisive action to address concerns raised by manufacturers and stakeholders regarding recent tax changes made by the Muhammadu Buhari administration. Four executive orders were signed by President Tinubu.
One of them is the suspension of the 5% Excise Tax on telecommunication services and the escalation of Excise Duties on locally manufactured products.
The announcement was made by Dele Alake, the Special Adviser on Special Duties, Communications, and Strategy, during a press briefing at the Presidential Villa in Abuja on Thursday.
Alake explained that “President Tinubu also signed the Finance Act (Effective Date Variation) Order, 2023, which defers the implementation date of the changes outlined in the Act from May 23, 2023, to September 1, 2023.”
This decision aligns with the 90-day minimum advance notice for tax changes stated in the 2017 National Tax Policy.
President Tinubu also signed The Customs, Excise Tariff (Variation) Amendment Order, 2023, shifting the commencement date of the tax changes from March 27, 2023, to August 1, 2023, in accordance with the National Tax Policy.
The president also ordered the suspension of the newly introduced Green Tax on Single Use Plastics (SUPs), including plastic containers and bottles.
President Tinubu directed the suspension of the Import Tax Adjustment levy on certain vehicles.
These orders were issued to alleviate the negative impact of the tax adjustments on businesses and households across affected sectors.
Alake emphasized President Tinubu’s commitment to addressing complaints regarding multiple taxation, local regulations, and anti-business obstacles.
Assuring the public, Alake stated, “The president has assured Nigerians that there will be no further tax increases without robust and extensive consultations conducted within the framework of a coherent fiscal policy.”
The Tinubu administration remains dedicated to implementing favorable policies that foster a conducive environment for businesses to thrive in the country.
