President Bola Tinubu has signed four Executive Orders, one of which suspends the 5% Excise Tax on communications services as well as the escalation of Excise Duties on locally created products.
Dele Alake, the Special Adviser to the President on Special Duties, Communications, and Strategy, stated this on Thursday while briefing journalists at the State House in Abuja.
Finance Act
He added that President Tinubu also signed the Finance Act (Effective Date Variation) Order, 2023, which moves the start date of the Act’s modifications from May 23, 2023 to September 1, 2023.
According to the presidential spokesman, this is to ensure compliance with the 2017 National Tax Policy’s 90-day minimum advance notice requirement for tax changes.
The Customs, Excise Tariff
The Customs, Excise Tariff (Variation) Amendment Order, 2023, was also signed by Nigeria’s President, changing the start date of the tax revisions from March 27, 2023 to August 1, 2023, in accordance with the National Tax Policy.
Green Tax
Tinubu also ordered the suspension of the newly implemented Green Tax in the form of an Excise Tax on Single-Use Plastics, such as plastic containers and bottles, as well as the suspension of the Import Tax Adjustment Levy on certain automobiles.
Alake also stated that the President issued these measures to mitigate the detrimental effects of the tax modifications on firms and households in affected sectors.
He did, however, reaffirm the President’s commitment to investigating complaints concerning different taxation, local, and anti-business restrictions.
He also stated that President Tinubu’s administration will continue to provide the necessary impetus through friendly policies to allow businesses to thrive in the country.
The President told Nigerians that no future tax increases will be implemented unless vigorous and broad consultations are conducted within the context of a cohesive economic policy framework.
